Will the Saudi anti-corruption probe impact Egypt? As Saudi Crown Prince Mohamed Bin Salman whistles to the tune of the Lion King’s “Oh I Just Can’t Wait to be King,” the shakeup at the upper echelons of the royal family continues to have thrown regional business into some measure of confusion, and Egypt is no exception.

TMG hit: The arrest of bn’aire investor Alwaleed Bin Talal appears to have cast a shadow over a potential USD 800 mn partnership with Talaat Moustafa Group (TMG) on the development of hotels in Al Alamein and Sharm El Sheikh. The future of the agreement is now uncertain, TMG officials tell Al Borsa on Sunday. TMG shares closed down 4.3% on the EGX yesterday.

Baraka Bank shares are took a dive, closing down 7.25%. Saudi Sheikh Saleh Kamel, a prominent investor in Egypt who owns c. 73% of the bank, was among those arrested in the kingdom.

No impact on Egypt? Statements from the Egyptian side of the Egyptian-Saudi Business Council have been positive, saying that the arrests would not impact Saudi investments in Egypt, according to the newspaper. The message was echoed among government officials. The Electricity Ministry issued a statement saying that projects and investments with Saudi partners were ongoing, including linking the electricity grids of both countries, Al Mal reports. The statement sticks to the government’s line on the event that this was a Saudi internal matter.

Will the anti-corruption sweep also affect the Aramco IPO? Beyond Alwaleed and economy minister Adel Fakieh, the anti-corruption probe has also touched former finance minister and Aramco board member Ibrahim Al Assaf, according to Bloomberg. This comes despite no indication of any wrongdoing by Aramco as Al Assaf was reportedly arrested over alleged corrupt links in urban development. Analysts see the move will only strengthen Bin Salman’s push to liberalize the economy, a key component of which is the IPO. Separately, US President Donald Trump urged that Aramco list on the New York Stock Exchange in a tweet on Saturday. "I just spoke to the King a little while ago, and they will consider it," Trump told reporters on route to Japan, according to the FT.

In probably the strangest developments since the announcement of the arrests, the deputy governor of the Saudi province of Asir Prince Mansour bin Muqrin died in a helicopter crash, according to Al Arabiya.

The ‘purge’ in Riyadh continues to dominate headlines in the international press this morning. The Financial Times has a wrap-up and a look at how “the anti-corruption purge triggers investor uncertainty” along with a look at Alwaleed bin Talal as “Mohammed bin Salman aims to win Saudi game of thrones.” The Wall Street Journal’s wrap-up notes that Alwaleed apparently faces money laundering charges and looks at the prince’s investments in US assets, while coverage in the New York Times is led by David Kirkpatrick’s very solid Saudi Crown Prince’s Mass Purge Upends a Longstanding System.