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Dozens of high-profile figures including princes, ministers were arrested at the weekend in the biggest purge of the kingdom's elite in modern Saudi history.The crackdown has triggered uncertainty among businesses that could intensify capital flight or derail reforms, experts say, at a time when the kingdom is seeking to attract badly needed investments amid a protracted oil slump.Dozens of political and business figures were arrested at the weekend in what Saudi authorities have dubbed an anti-corruption swoop, including billionaire Prince Al-Waleed bin Talal, while powerful royals such as the national guard chief were sacked.
But analysts question whether the issue serves as a guise for Prince Mohammed to consolidate power by eliminating rivals opposed to his reform drive and eventual succession as king.'The dismissals and detentions suggest that Prince Mohammed rather than forging alliances is extending his iron grip to...
counter opposition,' said James Dorsey from Singapore's S.
They have all had their bank accounts frozen and risk having their assets and properties seized by the government as it attempts to flush out fraud in Saudi Arabia.
Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017.
It is a message that resonates with the masses who seethe over a culture of privilege among old-generation royals.'Cynics calling it a power grab but actually power had been already consolidated,' tweeted Ali Shihabi, director of the Washington-based Arabia Foundation who is said to be close to the establishment.'This is about reshaping elite behavior by picking high profile symbols.
(Its) message is that house cleaning starts at the top.'But experts warn that the purge could trigger a backlash especially as Prince Mohammed seeks to consolidate his control over the security services.
Local media has reported new arrests of well-known businessmen since the weekend crackdown, including Naser bin Aqeel al-Tayyar, the founder of one of Saudi Arabia's biggest travel companies In a statement to Saudi stock exchange, his company said it was aware of reports of Tayyar's arrest, adding it confirms the 'continuation of business to serve the interests of shareholders and customers'.
With the purge, which analysts describe as a bold but risky power play, Crown Prince Mohammed bin Salman appears to have centralised power to a degree that is unprecedented in recent Saudi history.
Houthi rebels have made the offer of political asylum to princes and a source told Al Jazeera on Tuesday that any Saudi prince or national seeking refuge would be 'welcomed' by Yemen, their 'brotherly neighbour'.'We are ready to offer sanctuary to any member of the Al Saud family or any Saudi national that wants to flee oppression and persecution,' the source said.
The Saudi information ministry yesterday sought to reassure investors the sweeping anti-corruption purge would not affect businesses, including those with ties to arrested suspects, as authorities appeared to widen the crackdown.