Also at The New Arab:Shares in Kingdom Holding, 95 percent of which is owned by influential Saudi businessman Prince al-Waleed bin Talal, dived 9.9 percent as the Saudi stock exchange opened on Sunday after reports of his arrest.Saudi Arabia reportedly arrested 11 princes, including Prince al-Waleed, and dozens of current and former ministers late on Saturday in a sweeping crackdown as the kingdom's powerful young Crown Prince Mohammed bin Salman consolidates power.
The crackdown was reported immediately after a new anti-corruption commission, headed by bin Salman, was established by royal decree late on Saturday.
The corruption probe followed a major cabinet reshuffle in which Head of the Saudi National Guard Prince Miteb bin Abdullah, once a leading contender to the throne.
Also purged were the navy chief and the economy minister were replaced in a series of high-profile sackings that sent shock waves through the oil-rich Gulf country.
The Saudi Tadawul All-Shares Index (TASI) also dropped 1.6 percent only a minute after the start of trading on the Arab world's largest stock market following the arrests of leading royals and businessmen.
The Kingdom Holding share price did not slide further because, under the rules of the Saudi exchange, stocks are only allowed to fall a maximum of 10 percent in a single trading session.
Global impact
Analysts say the arrest of Prince al-Waleed bin Talal trigger repercusions on companies he has invested billions of dollars in around the world....MORE
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