Future Saudi king tightens grip on power with arrests including Prince Alwaleed

FILE PHOTO – Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed

 

RIYADH (Reuters) – Saudi Arabia’s future king has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdom’s most prominent businessmen.

Prince Alwaleed, a nephew of the king and owner of investment firm Kingdom Holding, invests in firms such as Citigroup and Twitter. He was among 11 princes, four ministers and tens of former ministers detained, three senior officials told Reuters on Sunday.

The purge against the kingdom’s political and business elite also targeted the head of the National Guard, Prince Miteb bin Abdullah, who was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf. Continue reading

Rupert Murdoch exposed as Saudi billionaire Alwaleed sells most of stake in News Corp

Saudi billionaire Prince Alwaleed Bin Talal’s investment firm sold a stake valued at almost $US190 million in News Corp, reducing its holding in Rupert Murdoch’s media company to about 1 per cent.

Alwaleed’s Kingdom Holding cut its ownership of Class B shares to 2 million from 13.2 million, or 6.6 per cent, it said in a statement to the Saudi bourse Wednesday. The sale generated 705 million riyals ($241.7 million), which will be used for other investments, it said. Through Kingdom, Prince Alwaleed holds stakes in companies including Citigroup and Twitter. Continue reading

Saudi Prince: Fracking Is Threat To Kingdom

For more information on Prince Alwaleed, who also owns a 19% stake in Fox News, please click here.

As the fracking revolution eases demand for the kingdom’s oil and gas, a billionaire prince warns his nation to find new income.

Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.

His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil. Continue reading