Saudi crown prince tightens grip on power, arrests royals

Saudi crown prince tightens grip on power, arrests royals

His investment firm Kingdom Holding - whose share price plunged 10 per cent on Sunday in response to news of his detention - recently bought about half of a 31.1 per cent stake in Saudi lender Banque Saudi Fransi from France's Credit Agricole.

The report added that commander of the Saudi navy Abdullah bin Sultan and the ministry of economy and planning, Adel bin Mohammed Faqih - both of whom were sacked on Saturday - were among those held for questioning.

Hours before landing in Japan, the first stop of his 12-day Asia trip, the president tweeted his support for a US stock listing for the world's largest oil company: "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange".

The crash follows a day after a ballistic missile launch that was sacked at an airport in Riyadh, the capital of Saudi.

The dramatic shake-up comes at a time of social and economic transformation in ultra-conservative Saudi Arabia, as Crown Prince Mohammed bin Salman steps up his reform drive for a post-oil era.

The attack highlighted how the war in Yemen is increasingly spilling across the border since a Saudi-led coalition began its military intervention there in 2015.

More news: The Giants Gave Up A Touchdown On Third And 33

The arrests have cemented the hold on power for King Salman and his 32-year-old son, Crown Prince Mohammed bin Salman.

A Saudi government official with close ties to security says 11 princes and 38 others are being held after the mass detentions overnight Saturday, including influential Saudi tycoon Prince al-Waleed bin Talal, one of the world's richest men.

Saudi Arabia announced Sunday it will freeze the bank accounts of a billionaire prince and other high-profile members of the royal family who were arrested on corruption charges over the weekend.

Saudi Prince Alwaleed bin Talal speaking during a press conference in the Red Sea city of Jeddah, on May 11, 2017. It also sends a message that the crown prince has the full backing of his father, King Salman, to carry out sweeping anti-corruption reforms targeting senior royals and their business associates, who have always been seen as operating above the law.

The king had decreed the creation of a powerful new anti-corruption committee, headed by the crown prince, only hours before the committee ordered the arrests.

Related Articles