Economy
Saudi Arabia Collects $107 Billion as Prince Unwinds Crackdown
The Saudi anti-corruption commission headed by Crown Prince Mohammed Bin Salman has concluded its mission and recovered about 400 billion riyals ($107 billion) including cash, real estate, companies and securities.
The commission, which was established in 2017, settled cases with 87 individuals after calling a total of 381 people to testify, according to a royal court statement carried by the Saudi Press Agency late on Wednesday. It referred 56 people to prosecution and rejected settlements with eight individuals.
Dozens of royal family members and business leaders were rounded up and detained at the Ritz Carlton hotel in Riyadh for about three months during a purge that sent shock waves through business circles inside and outside the kingdom. The palatial hotel reopened for the public in February last year.
The list of royals and businessmen who were jailed during what the authorities called a “crackdown on corruption” included Saudi billionaire Prince Alwaleed bin Talal who was released after signing a “confirmed understanding” and Saudi-Ethiopian billionaire Mohammed Al Amoudi who was released on Jan. 27.
-
Magazines2 months agoOER – September 2025 Issue
-
Alamaliktistaad Magazines2 months agoAlam Al Iktisaad – September 2025 Edition
-
News2 months agoKitchenomiKs Secures Investment of US$3.2M Led by Jasoor Ventures
-
News2 months agoCent Capital, AI Finance App by ex-AWS Strategist ‘The Beast of Bay Area,’ Launches to End Financial Anxiety, Hits $1M AUM
-
News2 months agoOman Inaugurates ‘Hadatha’ – Its All-New Cybersecurity Center
-
Banking & Finance2 months agoOman Arab Bank Highlights Its Ongoing Strategic Initiatives and Future Plans
-
News2 months agoIEA Expects Global Oil Market to Remain Oversupplied in 2026
-
Energy2 months agoWLGA Middle East LPG Summit & Expo 2025 to be held at OCEC on November 10 and 11

You must be logged in to post a comment Login