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Saudi Arabia made headlines around the world on Sunday, with international media reporting that the kingdom has detained several serving ministers and princes as part of a crackdown on corruption, just hours after air defence forces intercepted a ballistic missile over the capital Riyadh.
Here is the latest news updates unfolding in the kingdom today:
The Saudi-owned satellite TV network Al Arabiya reported that at least 11 Saudi princes and four ministers had been arrested as part of the kingdom’s anti-corruption campaign, according to a Reuters report on Saturday.
A senior Saudi official, speaking to Reuters, said the list of those detained included the minister of the National Guard, the Minister of Economy and Planning, the chairman of Saudi Binladin Group, the owner of television network MBC, the former director-general of Saudi Arabian Airlines, the former chief executive of Saudi Telecom and a former deputy defence minister.
Reuters also reported that prominent Saudi billionaire, Prince Alwaleed bin Talal, was among those detained, citing an unnamed Saudi official.
Prince Alwaleed owns investment firm Kingdom Holding, which, according to its official website, has stakes in global business brands such as Citigroup, Rupert Murdoch's News Corp, social media giant Twitter, the Disneyland Paris theme park resort, online auction site eBay, iPhone manufacturer Apple, New York’s The Plaza hotel and the Savoy hotel in London.
The arrests, according to Reuters, are part of an anti-corruption campaign initiated by Crown Prince Mohammed bin Salman.
Earlier on Saturday night, Saudi Arabian air defence forces intercepted a “ballistic missile fired from Yemen over the capital Riyadh,” Reuters reported, citing state news agencies.
The updates came one week after a successful investment summit, which was attended by the Crown Prince and thousands of potential investors. The kingdom used the showcase to announce an ambitious plan to build a $500 billion business and industrial zone extending into Jordan and Egypt.
Saudi Arabia, the world’s top exporter of oil and the Middle East’s biggest economy, last year announced Vision 2030, a wide-ranging plan of reforms designed to help the kingdom diversify its economic resources away from oil and encourage more foreign direct investment.
As well as economic reforms, the kingdom is also undertaking a series of social and cultural changes and last September Saudi King Salman bin Abdulaziz Al Saud issued a decree allowing women to drive, a move hailed by international human rights groups.
“This is the most exciting time to be in, and come from, Saudi Arabia,” British business tycoon Richard Branson, who has announced a series of investments in Saudi Arabia in recent weeks, was quoted as saying in a report last month by Arab News.
“There is such potential. Around 65 percent of the country is under 30, more than 50 percent are women. If (the crown prince) continues the way he is going, it is going to be a beautiful place,” he added.
Further reading:
© ZAWYA 2017
Here is the latest news updates unfolding in the kingdom today:
The Saudi-owned satellite TV network Al Arabiya reported that at least 11 Saudi princes and four ministers had been arrested as part of the kingdom’s anti-corruption campaign, according to a Reuters report on Saturday.
A senior Saudi official, speaking to Reuters, said the list of those detained included the minister of the National Guard, the Minister of Economy and Planning, the chairman of Saudi Binladin Group, the owner of television network MBC, the former director-general of Saudi Arabian Airlines, the former chief executive of Saudi Telecom and a former deputy defence minister.
Reuters also reported that prominent Saudi billionaire, Prince Alwaleed bin Talal, was among those detained, citing an unnamed Saudi official.
Prince Alwaleed owns investment firm Kingdom Holding, which, according to its official website, has stakes in global business brands such as Citigroup, Rupert Murdoch's News Corp, social media giant Twitter, the Disneyland Paris theme park resort, online auction site eBay, iPhone manufacturer Apple, New York’s The Plaza hotel and the Savoy hotel in London.
The arrests, according to Reuters, are part of an anti-corruption campaign initiated by Crown Prince Mohammed bin Salman.
Earlier on Saturday night, Saudi Arabian air defence forces intercepted a “ballistic missile fired from Yemen over the capital Riyadh,” Reuters reported, citing state news agencies.
The updates came one week after a successful investment summit, which was attended by the Crown Prince and thousands of potential investors. The kingdom used the showcase to announce an ambitious plan to build a $500 billion business and industrial zone extending into Jordan and Egypt.
Saudi Arabia, the world’s top exporter of oil and the Middle East’s biggest economy, last year announced Vision 2030, a wide-ranging plan of reforms designed to help the kingdom diversify its economic resources away from oil and encourage more foreign direct investment.
As well as economic reforms, the kingdom is also undertaking a series of social and cultural changes and last September Saudi King Salman bin Abdulaziz Al Saud issued a decree allowing women to drive, a move hailed by international human rights groups.
“This is the most exciting time to be in, and come from, Saudi Arabia,” British business tycoon Richard Branson, who has announced a series of investments in Saudi Arabia in recent weeks, was quoted as saying in a report last month by Arab News.
“There is such potential. Around 65 percent of the country is under 30, more than 50 percent are women. If (the crown prince) continues the way he is going, it is going to be a beautiful place,” he added.
Further reading:
- For Zawya’s Special Coverage on Saudi Transformation
- Trump says he spoke to Saudi King about Aramco, "they will consider" using U.S. exchanges
- Saudi fund agrees plan to invest in Virgin space ventures
- Saudi Arabia to push back balanced budget target to 2023 -sources
- Preparations under way in Saudi to issue driving licenses to women
- Saudi investment ambitions impress but foreign money may be slow to come
- Saudi Aramco IPO on track for 2018- Saudi crown prince
- Saudi's PIF commits $20bln to new $50bln education, healthcare fund with Blackstone
© ZAWYA 2017
