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

November 6, 2017 11:40 am


Petrie Partners Chairman Tom Petrie weighs in on King Salman’s move to arrest a string of high-profile nationals, from ministers to princes. Petrie speaks on “Bloomberg: Daybreak Asia.”

Don’t miss: Detainees in Saudi anti-corruption probe revealed

Read: Saudi’s crackdown on corruption; remaking of Kingdom

“It’s a bold move to consolidate power, giving a new meaning to preemption,” Petrie said.

He said the action goes against past cautious building of consensus and that it represents concerns that there was limited time to make the radical changes the kingdom is after.

“Prince Alwaleed Bin Talal is in line with the vision, and his inclusion in the (corruption) roundup is perhaps symbolism that the crown prince wants everyone on boards and aligned,” he said.

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

Petrie added that this might give pause to investors who would want to see that the crown prince has clearly consolidated power.


Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.