>> The glitzy Ritz-Carlton Hotel in Riyadh, two weeks ago this was the site of an international conference to promote Saudi Arabia as an investment hub. Now, this shaky video uploaded to social media is said to show it serving as a prison, locked inside some of the kingdom's royals and business elite.
Including leaders of family conglomerates that built much of the non-oil economy, detained in a widening anti-corruption crack down lead by the country's Crowned Prince Mohammed Bin Salman. Reuter's Katie Paul is in Riyadh, and says it's having a chilling impact.>> But there are certainly concerns that if there are asset seizures, it could have a very dramatic effect.
And this is coming at a time of low oil prices, which affects state finances in the Gulf. At a time with the Saudi government is really making an effort to build the non-oil economy. And so there could be serious implications for precisely those goals.>> All major gulf stock markets slid on Tuesday, and there are reports people are already trying to move their money out of the country, concerned about the unpredictability over who could be caught up.
>> And the rules are changing very quickly, and this mechanism that's being used in the crackdown is brand new. And so nobody knows whether something that they thought was in line with regulation at the time, is now going to be considered problematic.>> Meanwhile, a new breed of state-backed companies are moving in to compete with the old guard, like oil giant Aramco.
It's setting up a construction company, which could potentially take billions of dollars that would have gone to family conglomerates. Many in the Saudi business world are celebrating a shift towards a cleaner business environment, but others fear it's not clean at all. Questions linger over whether Prince Mohammad will use the purge to consolidate his power, and pressure firms into participating in his own economic development projects.