{"id":637052,"date":"2017-11-07T04:09:36","date_gmt":"2017-11-07T04:09:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/07\/mbs-purge-could-scare-investors-away\/"},"modified":"2017-11-07T04:09:36","modified_gmt":"2017-11-07T04:09:36","slug":"mbs-purge-could-scare-investors-away","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/07\/mbs-purge-could-scare-investors-away\/","title":{"rendered":"MbS\u2019 purge could scare investors away"},"content":{"rendered":"

How is this good for business?<\/strong> As the Saudi Arabian media celebrated Saudi Crown Prince Mohammed Bin Salman\u2019s crackdown on corruption, which has seen the arrest of a large number of royal family members, so far without charge. Saudi Arabia scholar James M. Dorsey asks \u201csome of these are businessmen with international status, and if they are caught in this web then it could happen to anyone \u2026 How is that going to inspire confidence and attract foreign investment?\u201d Princeton University Professor Bernard Haykel sees merit in MbS\u2019 actions, saying they are \u201ca frontal assault on some members of the royal family and the impunity with which they have operated in the past\u2026 It was something that had to be done, [even though it] sends a chill down the spine of foreign investors,\u201d David Kirkpatrick writes for The New York Times<\/a>.<\/p>\n

Ah, double standards: <\/strong>We can\u2019t help but imagine how good old Omm El Donia would be treated in the court of international opinion had prominent business leaders been detained here. We\u2019re reasonably sure there would be calls for an international sanctions regime by this point.<\/p>\n

Siemens\u2019 CEO Joe Kaeser is undeterred by the crackdown,<\/strong> telling The National<\/a> his company is interested in and capable of having a role in the development of the Neom project. \u201cI would not be too surprised if anytime soon, there would be a major announcement about the cooperation between the kingdom and Siemens on how to assist and help the kingdom in achieving the Vision 2030 goals, which Neom is part of \u2026 What I think I see is that the UAE, Egypt and Saudi Arabia now are really coming together and lead by purpose in this region, which I believe is a blessing for the whole world. \u2026 On the global scale if there\u2019s a shaky Middle East, there\u2019s a shaky world,\u201d he says.<\/p>\n

Closer to home: <\/strong>Al Baraka Bank Egypt issued a statement<\/a> saying it has no direct ties with Saudi sheikh Saleh Kamel except that he owns a personal stake in the bank. The bank says Kamel is not a board member and current \u201cevents\u201d in Saudi Arabia have had no direct impact on its operations. Ismailia Misr Poultry<\/a> also said it has no information on the arrest of Kamel and but business is continuing normally.<\/p>\n

Crackdown expands:<\/strong> The great MbS purge expanded on Monday to include the head of Al Tayyar Travel group Nasser bin Aqeel al-Tayyar, according to Reuters<\/a>. By Bloomberg\u2019s count<\/a>, this would bring the net worth of Saudi individuals caught up in the arrests, including Alwaleed Bin Talal, to USD 33 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

How is this good for business? As the Saudi Arabian media celebrated Saudi Crown Prince Mohammed Bin Salman\u2019s crackdown on corruption, which has seen the arrest of a large number of royal family members, so far without charge. Saudi Arabia scholar James M. Dorsey asks \u201csome of these are businessmen with international status, and if […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637052","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6d88547d-c346-4c64-aaa5-b07be9154be6","order":"0","is_powered_by":true,"section_story_id":"daa46c9b-9dae-4876-ab4d-a1cbc61f16b2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[637037],"teaser":"","voice_url":""},"yoast_head":"\nMbS\u2019 purge could scare investors away - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/07\/mbs-purge-could-scare-investors-away\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MbS\u2019 purge could scare investors away\" \/>\n<meta property=\"og:description\" content=\"How is this good for business? As the Saudi Arabian media celebrated Saudi Crown Prince Mohammed Bin Salman\u2019s crackdown on corruption, which has seen the arrest of a large number of royal family members, so far without charge. Saudi Arabia scholar James M. 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Evidence is being collected against \u201cfugitives\u201d ahead of indictments against them and requests that foreign governments return them\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549753,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/mbs-named-saudi-prime-minister-in-major-shuffle\/","url_meta":{"origin":637052,"position":1},"title":"MBS named Saudi prime minister in major shuffle","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"MbS is now the Saudi prime minister: King Salman has appointed his son, Crown Prince Mohamed bin Salman, to replace him as prime minister as part of a major shuffle of the Saudi government, state media reported yesterday.Ministers of key portfolios remain in their positions: Prince Faisal bin Farhan Al\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646760,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/22\/mbs-takes-over-from-former-crown-prince-mohammed-bin-nayef-as-saudi-deputy-pm-interior-minister\/","url_meta":{"origin":637052,"position":2},"title":"MbS takes over from former crown prince Mohammed bin Nayef as Saudi Deputy PM, Interior Minister","author":"enterpriseam admin","date":"22 June 2017","format":false,"excerpt":"MbS takes over Mohamed bin Nayef\u2019s cabinet positions: Newly appointed Saudi Crown Prince Mohammed bin Salman is taking over from his cousin, former crown prince Mohammed bin Nayef, as the kingdom\u2019s deputy prime minister and interior minister, according to an official Saudi Press Agency statement. MbS, whose appointment came by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623472,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/31\/how-the-khashoggi-case-could-spell-trouble-for-egypts-economy\/","url_meta":{"origin":637052,"position":3},"title":"How the Khashoggi case could spell trouble for Egypt\u2019s economy","author":"enterpriseam admin","date":"31 October 2018","format":false,"excerpt":"Stretching for relevance, any kind of relevance: How the Khashoggi case could spell trouble for Egypt\u2019s economy. The spillover effect from the killing of Saudi journalist Jamal Khashoggi serves as a \u201cpotential economic risk\u201d for Egypt, Rob Cox writes for Reuters\u2019 BreakingViews. 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