Saudi's Kingdom Holding says has support from government after chairman detained

Saudi's Kingdom Holding says has support from government after chairman detained

The detention of Saudi Arabia's Prince Alwaleed bin Talal, known for his big bets on Citigroup and other top Western companies, could have an impact on billions of dollars of investments around the world.

The crash also comes after Saudi Arabia on Saturday intercepted and destroyed a ballistic missile near Riyadh´s worldwide airport after it was sacked from Yemen in an escalation of the kingdom´s war against Iran-backed Huthi rebels.

Saudi-owned Al Arabiya television said that "11 princes, tens of former ministers and four current ministers were arrested", but it did not disclose any names.

The government said the anti-corruption committee has the right to issue arrest warrants, impose travel restrictions and freeze bank accounts.

Official justifications notwithstanding, the sweep was widely seen as as a move to consolidate power around Crown Prince Mohammed bin Salman, the 32-year-old heir to the Saudi throne now occupied by his father, King Salman bin Abdulaziz Al Saud.

The committee was established by the royal decree, The Associated Press reports, "due to the propensity of some people for abuse, putting their personal interest above public interest, and stealing public funds". Many of them are potential rivals or critics of the crown prince, whose purported anti-corruption sweep sent shockwaves across the kingdom Sunday as he further consolidated power. It's part of a larger effort to diversify the economy away from dependence on oil revenue.

End of Daylight Saving Time means an extra hour of sleep tonight
Daylight saving time is not observed by Arizona, Hawaii and four U.S. territories: American Samoa, Guam, Puerto Rico, and the U.S. What's more, she said, all of our routines need to find that adjustment as well, including the time we usually eat and exercise.

Prince Miteb's father was the late King Abdullah, who also had led the National Guard and had transformed it into a powerful and prestigious force tasked with protecting the ruling Al Saud family, as well as important holy sites in Mecca and Medina, and oil and gas sites.

Kristian Coates Ulrichsen, a research fellow at the James A Baker III Institute for Public Policy at Rice University, told the Associated Press the arrests were created to further smooth the crown prince's eventual succession to the throne.

Under Prince Mohammed, Fakieh led the development of a national transformation plan and privatisation drive launched past year to end the kingdom's vulnerability to an unpredictable oil market.

Prince Mansour is the son of Prince Muqrin bin Abdulaziz, a former director-general of the Saudi Intelligence Agency and a one-time crown prince of the kingdom.

Adel Fakeih: The minister of Economy and Planning, Adel Fakeih was replaced by Mohammad al-Tuwaijri.

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