Billionaire Saudi Prince released after months in detention
A billionaire Saudi Prince was released on Saturday from a nearly three-month-long detention after a crackdown by Crown Prince Mohammed bin Salman on corruption in the country last year.
ERBIL, Kurdistan Region (Kurdistan 24) – A billionaire Saudi Prince was released on Saturday from a nearly three-month-long detention after a crackdown by Crown Prince Mohammed bin Salman on corruption in the country last year.
The 62-year-old, Prince Alwaleed bin Talal, had been held on “house-arrest” at the Ritz-Carlton hotel in the Saudi capital of Riyadh since Nov. 4 following surprise raids against prominent princes, businessmen, ministers, and military officers.
Talal was among 11 other princes arrested in the November crackdown which the government said was “part of a wider effort to increase transparency, accountability, and good governance.”
According to Talal’s associates, the terms of his release were unknown, but he was allowed to return to his palatial home in Riyadh’s al-Fakhariya neighborhood, the Associated Press reported.
In an interview with Reuters hours before his release, Talal said he expected “to keep full control of his investment firm without giving up assets to the government.”
Earlier this month, authorities in Saudi Arabia arrested 11 more princes following a gathering at a royal palace in the capital where they protested against austerity measures.
The princes congregated at the historical Qasr al-Hokm palace where they demanded the cancellation of a royal decree which halted state payment of water and electricity bills for royal family members, Saudi media reported.
Saudi Arabia, the world’s largest exporter of oil, recently announced reforms that included the cutting of subsidies, the introduction of value-added tax (VAT), and the end of most perks for royal family members.
The new reforms are meant to help the Kingdom deal with an international drop in crude prices which has led to an estimated budget deficit of USD 52 billion in 2018.
According to Crown Prince Salman in an interview with state news agency SPA, the reform measures are aimed at “improving living standards for Saudi citizens,” which was now “a government policy.”