Saudi's Kingdom Holding says has support from government after chairman detained

Mahmoud Abbas to visit Saudi Arabia for impromptu meeting with Saudi king and crown prince

According to reports Billionaire-prince Alwaleed Bin Talal is one of the eleven princes arrested on 04 November, along side four current ministers and tens of former ministers, in anti-corruption inquiry in Saudi Arabia.

Prince Alwaleed, a nephew of King Salman, and the grandson of Saudi Arabia's founder King Abdulaziz al-Saud, holds stakes in many major global companies including Citigroup, Twitter, ride-hailing firm Lyft and Time Warner.

President Trump has spoken with the king of Saudi Arabia to offer a wholehearted endorsement of a drive to modernize the kingdom, as the Saudi authorities arrested scores of prominent business people and ministers in a sweeping anti-corruption crackdown.

Al-Arabiya news channel reported late on Saturday that the 11 princes were detained in a new anti-corruption probe headed by the kingdom's powerful Crown Prince Mohammed bin Salman, who was also named to oversee the new committee, reports the New York Post. It also has the power to block bank accounts, trace and prevent fund transfer, put a stop to liquidation of assets and order further measures as deemed fit to prevent graft until the court takes over the case.




The arrest of Prince Alwaleed - King Salman's nephew - comes as surprise. It's part of a larger effort to diversify the economy away from dependence on oil revenue. While numerous suspects were not named, Reuters reports, Prince Miteb bin Abdullah was ousted as minister of the National Guard and replaced by a lower-level prince who held a position with the guard, Khalid bin Ayyaf al-Muqrin.

Prince Miteb bin Abdullah is reportedly among those detained in the sweep, as is his brother, Prince Turki bin Abdullah, who was once governor of Riyadh. 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. But Prince Mohammed rise to the top has put brakes on his succession plans.

Prince Mansour is the son of Prince Muqrin bin Abdulaziz, a former director-general of the Saudi Intelligence Agency and a one-time crown prince of the kingdom.

Admiral Abdullah Al-Sultan: The former commander of Saudi Naval Forces was sacked and replaced with Admiral Fahd bin Abdullah Al-Ghifaili.

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