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Another billionaire in Saudi Arabia detained! Crown Prince’s crackdown continues

Crown Prince Mohammed bin Salman’s crackdown which started in early November is showing no signs of slowing down. Palestinian billionaire Sabih al-Masri is the latest billionaire to be detained by the Saudi authorities.

A news report by Aljazeera states that the billionaire was detained in the Saudi capital last week for getting information related to corruption. His detention has been confirmed by his family members. Detention of the billionaire who owns Zara Investment holding and Arab bank, the largest lender in Jordan, has sent shock waves in Jordan where he employs thousands.

The arrest of Al-masri may not go down well with both Jordan and Palestine who have been at an uneasy peace with The Kingdom of Saudi Arabia, for its stand on major middle east issues.

Such arrests has affected investor confidence in Middle east and investors are getting skeptical, waiting for the arabian drama to unfold while sitting on the sidelines. Another detained billionaire, Prince Alwaleed bin Talal and his company Kingdom Holdings has seen a reversal of fortunes as the company shares plunged while some loan requests by the company haven’t been cleared yet.

Nonetheless, the Crown Prince still commands support of the people who see the initiatives as some form of ‘The Arab Spring’, initiated by the Palace itself.

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