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Saudi authorities launch another crackdown on princes and businessmen

The Ritz Carlton, Riyadh, [File photo]
The Ritz Carlton, Riyadh, [File photo]

A Twitter account, named An Old Diplomat, published documents showing that the Saudi authorities have frozen property assets of several princes and business people. This appears to be a second crackdown on Saudi businessmen and princes similar to the Ritz-Carlton 2017 campaign.

The Twitter account stated that the Saudi Crown Prince Mohammad bin Salman seized vast lands owned by Sheikh Ajlan Al-Ajlan north of Riyadh after preventing the sale or disposal of the lands.

An Old Diplomat revealed in another tweet that the management and sale of the company assets owned by Hamad bin Saedan, north of Riyadh, have also been frozen.

The account predicted a sudden and rapid collapse of the Saudi real estate market, i.e. prices are expected to fall by 50 per cent and more, as what happened with the stock market in 2006.

He added that the real estate assets of Riyad Al-Mustaqbal Real Estate, Abdulrahman Al-Sheikh and Mohammed Al-Eidan were frozen.

According to An Old Diplomat, the decisions to freeze real estate assets included Olaya Real Estate Company, Younis Mohammed Al-Awad, Ibrahim bin Saedan and Ibrahim Al-Harabi, in addition to Prince Badr bin Abdulaziz, brother of King Salman.

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The list also included Moussa and Adil Al Mousa and Saleh Shuqair.

In November 2017, Bin Salman launched a sweeping campaign of arrests against princes of the ruling family, former officials and ministers, under the banner of an “Anti-Corruption Campaign”. Consequently, the targeted personalities were held inside the famous Ritz Carlton hotel.

Later, Saudi Attorney General Saoud bin Abdullah Al-Moajab indicated that the government had succeeded in raising more than $100 billion through financial settlements with businesspeople and officials summoned as part of anti-corruption investigations.

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