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.
-
Economy3 weeks agoOMIFCO IPO: Price, Dividends, Subscription Dates and Listing – Here’s Everything You Need to Know
-
Economy2 months agoElectricity Tariffs Reduced for Residential Use – What It Means for You
-
Economy2 months agoNumber of Workers in GCC Countries Increase From 2021 to 2025
-
Magazines2 months agoOER Magazine April 2026 Issue
-
Oman2 months agoREVIEW: WHOOP and the Rise of Performance Luxury
-
Lifestyle2 months agoAP x Swatch Royal Pop: A Rule-Breaking Collaboration That Takes the Royal Oak Off the Wrist
-
News2 months agoANALYSIS: Oil Slips As Peace Hopes Reprice Middle East Risk, But Supply Tightness Keeps Market On Edge
-
Banking & Finance2 months agoTariq Atiq Appointed as CEO of Bank Nizwa

You must be logged in to post a comment Login