Billionaire Saudi Prince Alwaleed Bin Talal arrested in corruption crackdown: Local reports
Javier E. David | @TeflonGeek Published 12 Mins Ago Updated 4 Mins Ago CNBC.com
Mary Catherine Wellons | CNBC
Saudi Prince Alwaleed bin Talal.
Saudi Prince Prince Alwaleed Bin Talal, a prominent member of the county's royal family and a wealthy investor, was arrested on Saturday in connection with a wide-ranging anti-corruption initiative, according to local reports.
Saudi Arabia's King Salman removed a host of prominent officials in a sweeping crackdown on Saturday, in which dozens of princes and former ministers were detained. Saudi news outlets, including Al Arabiya, reported Bin Talal was among those arrested.
The billionaire is an American-educated philanthropist and investor who is heavily invested in U.S. corporate giants like Citigroup, Apple, 21st Century Fox and Twitter, just to name a few. Between 1991 and 1995, bin Talal came to the rescue of President Donald Trump, whose real estate empire was under strain. Bin Talal purchased a yacht, and invested in Trump's Plaza Hotel.
In 2015, Bin Talal announced he would donate his entire fortune to help build a "better world of tolerance, acceptance, equality and opportunity for all."
The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia, and the impending launch of an initial public offering for state-owned oil giant Saudi Aramco next year. The IPO is expected to be the largest in history, and Aramco is widely expected to dual-list shares on an international exchange.
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