What exactly has been happening in KSA in last 48 hours?

November 7, 2017 12:49 pm


Saudi Arabia’s Crown Prince Mohammed bin Salman has made it clear that the Kingdom is fast moving on the path of reformation, while pursuing the goals of Vision 2030.

Crown Prince Salman’s  domestic political ambitions and strategic foreign policy are meant to put the nation on the fast track of development and and achieve an egalitarian tomorrow.

Did anyone see the Saudi clampdown on corruption coming?

Read: 7 famous business deals by Saudi Prince Alwaleed Bin Talal

Following the arrest of ministers, princes and high-profile businessmen, Saudi Arabia witnessed the start of an action-packed week. There have been some unprecedented decisions and a clear inclination toward complete overhaul of the system.

US President Donald Trump has praised Saudi Arabia following the detention of princes.

“I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing,” Trump tweeted on Monday.

Here goes the major turnaround of events that Saudi witnessed in last two days.

Read: Detainees in Saudi anti-corruption probe revealed

Read: Saudi’s preemptive strike on corruption is an attempt to consolidate power

Surge in oil prices

Following the Saudi Arabia’s anti-corruption probe, oil prices hit a two-year high. Brent hit a high of $64.05 a barrel on Monday and it was the highest level since July 2015. However, uncertainty prevails over the markets as developments in Riyadh put more pressure on costs. Industry pundits credit this rise to the ongoing cuts imposed on the production of oil till March 2018

Saudi prince killed in helicopter crash

Deputy Governor of Asir province, Prince Mansour bin Muqrin was killed in a helicopter crash. This accident happened near Saudi’s southern border with Yemen. Seven more people were killed in this crash but the exact reason behind this accident was not disclosed.

New anti-terror law

Coming down heavily on terrorism, Saudi Arabia has announced a new anti-terror law. As per the law, there are provisions of death penalty for anyone who commits or funds a terror crime resulting into the death of any individual. There will also be a jail sentence of minimum 15 years for an individual, who will be found guilty of misusing his position or authority to support terrorism.

Interception of a missile near airport

Saudi Arabia’s defense forces intercepted and smashed a ballistic missile near the airport in northeast part of the capital Riyadh. It was destroyed near the King Khalid International Airport in Riyadh.

New ministers for economy and National Guard

A royal decree was issued by Saudi Arabia regarding the appointment of new ministers for Economy and Planning and the National Guard.

Prince Miteb Bin Abdullah, who had led the National Guard for the last four years, and Adel Fakeih, who was minister of economy, were detained on Saturday as part of the ongoing anti-corruption drive. Prince Khalid Bin Ayyaf Al Muqrin was sworn in as new National Guard chief while Mohammad Al Tuwaijri was appointed new Economy and Planning Minister.

Billionaire Saudi Prince Alwaleed arrested on graft charges

Billionaire investor Saudi Arabian Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, is among a group of people detained and under investigation by a new anti-corruption body. Saudi King Salman announced on Saturday the creation of the new anti-corruption committee, chaired by Crown Prince Mohammed bin Salman.

Lebanon PM resigns in Saudi Arabia

Lebanese Prime Minister Saad Hariri announced his resignation on television in Saudi Arabia, choosing a neutral ground as he expressed threat to his life. It has raised many new political as well as geopolitical questions. This shocking turn of events is expected to affect Lebanon’s tourism market that has seen a surge in last few months.

 

 

 

 

Tags:

By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



AMEinfo EXPERTS