MENA Market Special 2018 MENA MARKET SPECIAL 2018 | Page 7

(and not to be confused with Prince Alwaleed) stated: “It [the Kingdom] may take whatever can also trace funds, prevent the transfer of
who is chairman at Middle East Broadcasting measures deemed necessary to deal with those funds or the liquidation of assets, and take
(MBC). Al Ibrahim has a net worth (according involved in public corruption cases and take other precautionary measures until cases are
to Forbes) of some $10.9 billion. He funded the what it considers to be the right of persons, referred to the judiciary.
launch of all-news channel Al Arabiya in 2003, entities, funds, fixed and movable assets, at which is a sister station to the highly successful home and abroad, return funds to the state MBC portfolio of channels. All detainees have treasury and register property and assets in been housed in the luxurious Ritz Carlton hotel the name of state property.” On November in the Saudi capital of Riyadh. 22 Bloomberg reported that agreements were
As this is written, the general view is that
being signed with the detained individuals
the Saudi state may well end up ‘fining’ or whereby payments would be made to the
sequestrating some of the cash and other Saudi treasury to avoid further incarceration
assets of the detainees. The official decree and trials.
INVESTIGATION. The government has
said the anti-corruption committee has the
right to issue arrest warrants, impose travel
restrictions and freeze bank accounts. It
“Openin g cinemas will
act as a catalyst for
economic growth and
diversification.” – Awwad
bin Saleh Alawwad, Saudi
Ministry of Culture and
Information
While the ending of the unprecedented
purge will be welcomed by the individuals,
the fact is that business life may never be
the same again – and the November ‘jitters’
are inevitably likely to affect broadcasting.
Will Prince Alwaleed resign his control over
Rotana, for example, or will the other media
tycoons retire to their luxury palaces and exit
the broadcasting scene completely?
Some wealthy Saudis are reportedly
seeking to restructure their businesses to
ring-fence assets in case authorities widen
the crackdown, according to Bloomberg. The
purge also prompted some Saudi billionaires
and millionaires to sell investments in
neighbouring Gulf countries and turning
them into cash or liquidate holdings overseas
to avoid the risk of getting caught up in the
fallout from the Saudi problems.
REPERCUSSIONS. Undoubtedly the biggest
name to watch is that of Prince Alwaleed bin
Talal, and how visible he will be in 2018 and
beyond. He has the largest amount invested
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