Wednesday, 13 December, 2017

Saudi monarch to step down in favor of crown prince

White House Wikipedia White House Wikipedia
Howard Terry | 19 November, 2017, 02:26

Others include Waleed al-Ibrahim, the founder of Middle East Broadcasting Centre, which owns the Saudi satellite television channel Al Arabiya, and Bakr bin Laden, chair of the Saudi Binladin construction group.

Royal family members have long received undisclosed monthly stipends from state coffers built up during years of higher oil prices. In another case, a former senior official consented to hand over ownership of four billion riyals (roughly $1.06bn) worth of shares, the source said.

Asked about agreements to hand over wealth for detainees' freedom, Mnuchin told CNBC: "I think that the Crown Prince [Mohammed bin Salman] is doing a great job at transforming the country".

Their meeting followed the Nov 4 resignation of Lebanese Prime Minister Saad Hariri, announced from Saudi Arabia.

According to Gargour, "from a civil liberties point of view, obviously incarcerating people doesn't give us comfort, and that's why we've seen spreads on Saudi bonds go 50 basis points or so wider".

If the reports to be believed, the move is a result of the arrest of 40 Saudi princes and officials over corruption allegations.

Analysts have suggested that Israel is not willing to engage in a costly war in Lebanon against Hezbollah, especially at the behest of Saudi Arabia.

Saudi authorities have help from worldwide auditors, investigators and people with experience in tracing assets.

Moreover, he confirmed they are eager to further bilateral cooperation via the Saudi Arabia-China High-level Joint Committee and the integration of the aforementioned national schemes.

According to the Financial Times (FT) the Crown Prince of Saudi Arabia, Mohamed Bin Salman, is negotiating a settlement with some of the country's most well-known figures who have been detained under corruption charges since the beginning of the month. "So this was the most dignified solution he could find".

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