Skip to main content

Saudi Arabia announces arrest of billionaire prince Alwaleed bin Talal.

"Saudi Arabia’s billionaire prince,Alwaleed bin Talal,was arrested on Saturday night alongside at least 10 other princes and several government ministers and former ministers.All were caught up in a zealous sweep organized by a new anti-corruption committee helmed by 32-year-old Crown Prince Mohammed bin Salman,whose rapid rise and consolidation of power has raised eyebrows in the kingdom and around the world.Prince Alwaleed bin Talal owns the investment firm Kingdom Holding worth approximately $10 billion and is one of the wealthiest men in the world.His investments include companies like Twitter,Citigroup,Lyft,the Four Seasons Hotels,and Apple,among other global companies.Prince Alwaleed’s net worth dropped by $750 million as news of the arrest broke on Saturday,according to CNN.

As the New York Times wrote Sunday morning,the official Saudi news agency Al Arabiya explained that Crown Prince Mohammed bin Salman’s “anticorruption committee has the right to investigate, arrest,ban from travel,or freeze the assets of anyone it deems corrupt.”The Saudi Ministry of Communications issued a press release explaining the crown prince’s anti-corruption committee was part of an "active reform agenda aimed at tackling a persistent problem that has hindered development efforts in the Kingdom in recent decades” on the part of King Salman.

11 princes and 38 government officials and businessmen are being held at the five-star Ritz Carlton Hotel Riyadh, according to news reports.Crown Prince Mohammed bin Salman has made headlines since his father,King Salman, came to the throne in 2015.At a Riyadh economics conference in late October this year,he announced fervently that he believed “moderate Islam” is the path to the future for the kingdom.He vowed to “eradicate the remnants of extremism very soon.”

"We are returning to what we were before-- a country of moderate Islam that is open to all religions, traditions and people around the globe," he told the audience, as reported by the BBC."Seventy percent of the Saudi population is under 30,and honestly we will not spend the next 30 years of our lives dealing with destructive ideas." In September he supported the push to finally lift the infamous Saudi ban on women’s right to drive.

Saturday’s sweeping arrests are seen not just as a a clean-up effort,but as a power play.Mohammed bin Salman’s power consolidation is far reaching:he has been in charge of the Saudi defense ministry since 2015, and earlier this year he took over the internal security ministry.He has introduced an ambitious plan to shift the Saudi economy away from oil dependence.He’s also taken a lead role in foreign and social policy.

"This is the latest act of concentration of power in Saudi,"global head of equity research at Exotix Capital,Hasnain Malik, told CNBC. "[A]s unprecedented and controversial as it may be, this centralization might also be a necessary condition for pushing the austerity and transformation agenda [the crown prince has championed].”

The New York Times today reported that the country has both enthusiasts and detractors of the young crown prince. Some are thrilled with his ideas to bring his country out from under oil dependence.Yet “[o]thers see him as brash, power-hungry and inexperienced, and they resent him for bypassing his elder relatives and concentrating so much power in one branch of the family,” The New York Times writes.

This power struggle has been coming for some time

This is not just a power struggle within the Saudi royal family.

As the New York Times noted today,the recently arrested Alwaleed bin Talal was among a group of wealthy buyers who sunk money into Donald Trump’s Plaza Hotel in New York.Despite this,the Times notes,Trump and Alwaleed clashed publicly on Twitter in the early days of the 2016 campaign.

After the election,as the BBC wrote Sunday,Alwaleed quickly tried to make amends.Earlier this fall the president’s son-in-law,Jared Kushner,and two other high ranking administration officials were in Saudi Arabia for talks. News only broke of that trip six days ago. Politico noted last week that Kushner’s interlocutors were not revealed to the press,but that the young advisor has created a special relationship with the similarly aged Crown Prince Mohammed bin Salman.

-Vox Media

Popular posts from this blog

Kim kardashian west confirms third baby news.

In a trailer for season 14 of "keeping up with the Kardashian," Kim Kardashian West appears to confirm the rumors from earlier this year that she and husband Kanye West are having a third baby.The 60-second clip, which Kardashian West shared on Twitter, features her speaking with sister Kloe Kardashian and then teasing, "What happens every time I say, 'Guess what?'"Khloe Kardashian,33,says it means someone is having a kid."We're having a baby!" Kardashian West then answers.The reality star and businesswoman,36,did not say how they are having the baby or if they are using a surrogate as other outlets reported earlier this summer.E! News,the network that hosts the family's show, also published the baby announcement.This would be the third child for the Wests, who are already parents to daughter North West and son Saint West.Kim isn't the only Kardashian who has been in the media lately regarding an expected baby. Last week, reports surfa…

Gov Godwin Obaseki signs revised 2017 budget into law.

"Edo State Governor Mr.Godwin Obaseki has signed the 2017 budget revised down to 127 billion naira from its previous 150.6 billion into law.The governor said he feels a sense of accomplishment in signing the revised budget into law because with ten months into the fiscal year,a lot has been achieved in infrastructural development of the state.Explaining reason behind revision of the budget,Governor Obaseki emphasized it was to ensure transparency and credibility while being realistic as a government.“It has been a difficult year especially as revenue has not met expectation but this government is doing everything to provide the best service and fulfill its electioneering promises made to the people of Edo State.“We also created additional ministries such as Ministry of Science and Technology and did not want to vire expenditures from one sub head to another,rather we believed in doing things properly”.Speaking further,Obaseki said the revised budget also become necessary because …

Nigerian virrgin singer, Adokiye says she is ready to auction her virginity or lose it.

Adokiye ngozi kyrian yvonne aka Adokiye often talk about how she was able to keep her virginity till her adulthood and she is determined on remaining a virgin until marriage. Recently, her made global headlines after she offered her virginity to islamic militant sec, boko haram, in return for the over 200 abducted chibok school girls, but in an interview with new telegram, the tombolo crooner says she's ready to auction it. Below is an excerpt from the interview>>
Q; if you get the offer, would you auction you virginity for a million US dollar?
A; my brother, I no fit lie to you, if this economy situation continues, well, I would be left with no choice but to do so.
Q; which Nigerian male celebrity are you crushing on that you'd allow to de flower you and why?
A; I love davido, I think he has a good heart and I 'm guessing a lot of people don't know that he's very nic and soft hearted.
Q; why did you decide to offer your virginity to boko haram in exchange fo…