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00:00:01
>> Saudi Arabia's future King has tightened his grip on power with an anti-corruption purge that saw scores of royals politicians and businessmen arrested, including one of the world's richest men.>> Investment bank.>> Billionaire prince Alwaleed Bin Talal. The crackdown announced in the early hours of Sunday morning stunned financial markets.
00:00:21
And as Reuters Steven Kalin in Riyadh explains, created somewhat of a roller coaster on the Saudi Stock Exchange.>> The Saudi stock market opened down and then closed up today. And there seems to be a lot of popular support for these moves within the kingdom. People are generally happy that the authorities are going after princes and figures seen as corrupt.
00:00:43
>> In total 11 princes, four ministers and tens of former ministers have been arrested, two senior Saudi officials told Reuters. Sources said some of the detainees are being held at the opulent Ritz Carlton hotel in Riyadh diplomatic quarter. That gilded cage, now home to those apparently seen as opponents to crowned Prince Muhammad Bin Salman's radical reform agenda.
00:01:04
Which includes slashing the state budget deficit, putting more women into employment, and selling $300 billion worth of state assets. Some bankers and analysts think that will be good for the economy but there are also concerns.>> This is coming just ten days after a huge international investment conference was held here in Riyadh.
00:01:23
And it has some people worried, mostly foreign investors and people looking in from the outside. Worried about the stability of the government in Saudi Arabia, I've been worried about the rule of law. Worried about what happens to these people who some of them are quite prominent, very well known businessman inside Arabia, that have holdings abroad listed on global stock markets.
00:01:46
So there's a sense of unease and uncertainty about where is all of this going?>> One of those prominent arrests is Prince Al-Waleed. He's invested billions in top Western companies such as CitiGroup and Twitter, and is known as the international face of Saudi business. Stocks in Kingdom Holding, his investment firm, plunged 7.6% following the news.
00:02:09
Kingdom said on Sunday, it would continue to operate as usual. But global markets will be braced for the potential fall-out from his arrest on Monday.