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.
-
News2 months agoINVESTIGATION: Why Nokia Could Matter More in the Quantum Age Than It Ever Did in Mobile
-
News2 months agoThales & Ankaa to Deliver Multi-Mission Air Traffic Surveillance Radars for Oman, Capable of Supporting Civil & Military Operations
-
Business2 months agoOman India Fertiliser Company Lists on Muscat Stock Exchange
-
Banking & Finance2 months agoBank Muscat posts net profit of RO137.49 million in H1 2026
-
Alamaliktistaad Magazines2 months agoAlam Al-Iktisaad May 2026 Edition
-
News2 months agoOQ Signs Agreement to Divest Majis Industrial Services to Rakiza & IV3 Aqua-led Investment Consortium
-
News2 months agoHow Fake 7-Zip Software Exposed a Much Bigger Criminal Proxy Business
-
Banking & Finance2 months agoOman’s Banking Sector Records Credit Growth Of 11.5% By May 2026

You must be logged in to post a comment Login