Back to the complete issue
Thursday, 21 December 2017

Saudi authorities continue to question, arrest individuals in corruption crackdown

The Great MBS Purge rolls on: Saudi Arabian authorities are questioning more people and freezing more bank accounts as part of its anti-corruption crackdown which saw princes and officials arrested, Bloomberg reports, citing people familiar with the matter. Authorities are working on settlements with some suspects, as the kingdom is hoping to recover as much as USD 100 bn from these payments, they added.

KSA is also looking to issue regular tourist visas as of next year, CNN reports. Saudi is “aiming for 30 mn visitors a year by 2030 … and it wants annual tourism spending to hit USD 47 bn by 2020.” These are quite ambitious targets. Can you imagine tourists’ faces knowing the fun they could be having across the Red Sea in Egypt?

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.