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The crackdown started after King Salman formed an anti-corruption commission on Saturday, headed by his son and heir, Crown Prince Mohammed Bin Salman.Among those detained was Prince Miteb Bin Abdullah.The shift in assets is “unsurprising given a true corruption cleanup would go much further than the events of the weekend,” said Emad Mostaque, London-based co-chief investment officer of emerging-markets hedge fund Capricorn Fund Managers.The central bank “has strong systems in place to track flows and excellent relationships with major banks globally so any assets moved offshore could be frozen and returned if from corruption.” Some of the country’s wealthy are worried that shifting assets outside Saudi Arabia may draw suspicion and are instead focusing on their GCC holdings, two people with knowledge of the matter said.“There is no doubt that many offshore investors are reassessing their view of the Gulf as a stable and predictable place to do business,” said Philippe Dauba-Pantanacce, a London-based senior economist and geopolitical strategist at Standard Chartered Bank.
We study the liquidity properties of private equity cash flows using data from 837 buyout and venture capital funds from 1984 to 2010.
The purge is affecting some of Saudi Arabia’s richest families.
For decades, they benefited from a close relationship with the country’s rulers, which helped them win major contracts and partner with international companies seeking a foothold in the Arab world’s biggest economy.
They spoke on condition of anonymity because of the sensitivity of the matter.
In Saudi Arabia, some are in talks with banks and asset managers to move money outside the country, the people said.