Back to the complete issue
Tuesday, 13 March 2018

Saudis said to use coercion and abuse to seize bns

Inside the Riyadh Ritz-Carlton: A well-reported piece by New York Times, including former Egypt hands Ben Hubbard and David Kirkpatrick, looks at Saudi Crown Prince Mohamed bin Salman’s November “anti-corruption” drive, a topic into which few Western media outlets have taken a deep dive.

Businessmen once considered giants of the Saudi economy now wear ankle bracelets that track their movements. Princes who led military forces and appeared in glossy magazines are monitored by guards they do not command. Families who flew on private jets cannot gain access to their bank accounts. Even wives and children have been forbidden to travel. … This large sector of Saudi Arabia’s movers and shakers are living in fear and uncertainty. During months of captivity, many were subject to coercion and physical abuse, witnesses said. … the opaque and extralegal nature of the campaign has rattled the very foreign investors the prince is now trying to woo.”

Next in your reading queue: Nicholas Parasie and Egypt’s Summer Said write for the Wall Street Journal that MbS’ decision-making power reaches deep into companies, noting that since the November crackdown, “the government has quietly taken control of the country’s largest construction company, Saudi Binladin Group, and the Middle East’s biggest private broadcaster, MBC Group, people familiar with the takeover said. It is now assuming veto power over investment decisions by the kingdom’s most colorful business personality, Prince al-Waleed bin Talal.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.