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A corrective revolution in Saudi Arabia - Daily News Egypt

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A corrective revolution in Saudi Arabia

Saudi Arabia detains 11 princes, four ministers, dozens of former ministers in an anti-corruption investigation


Saudi Arabia detained 11 princes, four current ministers, and dozens of former ministers in a new anti-corruption committee set up recently under the chairmanship of Crown Prince Mohammed bin Salman, according to Al Arabiya TV.

King Salman bin Abdul Aziz issued a decree to set up a committee headed by Saudi Crown Prince Mohammed bin Salman on issues of corruption in public funds in the kingdom, and issued a decree to stop a number of princes, businessmen, and former ministers.

The Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz, issued a royal decree on Saturday evening to form a supreme committee headed by Crown Prince Mohammed bin Salman. Its members include the head of the Control and Investigation Board, the head of the National Anti-Corruption Commission.

Saudi Minister of Finance Mohammed Al-Jadaan said that the royal decree aims to dedicate the rule of law in accordance with international standards and to activate anti-corruption systems.

He noted that the committee aims to guarantee the rights of the state and the protection of public money. He stressed that these decisions enhance the confidence of customers in the business environment and investment in the kingdom.

He  said that the kingdom had made these decisions and launched a new era of transparency, clarity, and accountability.

He stressed that there will be no privileges or exemptions for any investors, so as to provide a fair and transparent investment climate.

In a related context, the majority of Gulf bourses saw a decline, although limited, on the backdrop of the decision to detain Saudi businessmen, including Walid bin Talal, Sheikh Saleh Kamel, and bin Laden, as all of them have companies listed on the Saudi bourse.

The Executive Chairman of Kingdom Holding Company (KHC) Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has received confirmation of the support of the Saudi government to the Company and the company is proud of this trust according to statement sent to Saudi Arabia’s stock market.

The Kingdom Holding Company confirms that it is fully committed to the company’s business and continues to serve the interests of its shareholders and anyone who has an interest in it.

The volume of Saudi investments in Egypt amounts to $6bn, making it the top third country globally and the second Arab country with investments in Egypt, in sectors of real estate and tourism, hotels and banks.

Saudi investments include seven sectors, of which the industry accounts for the largest share, with 785 companies, with Saudi contributions worth $2bn, along with 629 companies in the constructions sector with investments of $1.3bn.

 

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