Markets Brace for Potential Fallout From Arrest of Billionaire Investor Saudi Prince

Saudi Arabia Arrests Billionaire Alwaleed Al Eqtisadiah Reports

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.

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

The arrest of Alwaleed and other royals further clears a path to power for the rising crown prince, who in June ousted his elder cousin, Prince Mohammed bin Nayef, as interior minister and heir to the Saudi throne.

Saudi Arabia has detained dozens of princes, businessmen, senior military officials and top officials in luxury hotels, media has reported, as part of a major arrest sweep it claims is part of an anti-corruption probe.

Some of the 11 princes and 38 former government ministers, deputies and businessmen arrested in Saudi Arabia are reportedly being held at the hotel.

Jurgen Klopp hails 'machine' Sadio Mane after he makes Liverpool return
West Ham couldn't live with the fluidity of the movement shown by Liverpool in the first half. Two minutes later, Joel Matip doubled his side's lead.

Shares in Kingdom Holding plunged 9.9 per cent on Sunday morning. Both are sons of the late King Abdullah, who ruled before his half-brother King Salman. He has expressed support to the king and halted plans to invest in Iran in 2016, when Riyadh cut all ties with Tehran.

The committee's goal was to "preserve public money, punish corrupt people and those who exploit their positions", according to the royal decree.

Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.

The government said the anti-corruption committee has the right to issue arrest warrants, impose travel restrictions and freeze bank accounts.

The crash comes after Saudi Arabia on Saturday intercepted and destroyed a ballistic missile near Riyadh's worldwide airport after it was sacked from Yemen, in an escalation of the kingdom's war against Iran-backed Huthi rebels.

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