Saudi royal heir’s rise to power turns him into a billionaire boss

Prince Mohammed’s grip on the House of Saud’s vast fortune is tightening

By DEVON PENDLETON / BLOOMBERG

IT WAS an unprecedented move against once-inviolable power figures in the kingdom, framed as a crackdown on corruption.

The foyer of the Ritz-Carlton hotel, which was turned into a prison in November 2017 for hundreds of men

To pull it off, Crown Prince Mohammed Salman (picture) turned the marble-floored Ritz-Carlton in Riyadh into a prison in November 2017 for hundreds of men. Many of the captives — some of them his relatives and princes in their own rights — were released only after agreeing to sign over to the government assets including land, cash and business stakes. The total recovered, Saudi authorities said, was some US$107 billion (RM449.24 billion).

That sensational show of power upended decades of unwritten rules within the secretive House of Saud and effectively sidelined

... read more at: https://themalaysianreserve.com/2019/08/15/saudi-royal-heirs-rise-to-power-turns-him-into-a-billionaire-boss/

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