Markets Brace for Potential Fallout From Arrest of Billionaire Investor Saudi Prince

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The arrests came a few hours after the king replaced the minister in charge of the Saudi national guard, Prince Mutaib bin Abdullah, who controlled the last of the three Saudi armed forces not yet considered to be under control of the crown prince. "No one is above the law whether it is a prince or a minister", Prince Mohammed said in a television interview. On the same day as the arrests, King Salman removed the powerful royal rival Prince Miteb bin Abdullah from his position as minister of the National Guard, giving Crown Prince Mohammed tighter control over the kingdom's security services.

In an unusually lengthy and detailed readout of the call made on Saturday, the White House said that Mr. Trump had thanked King Salman for Saudi Arabia's support in fighting terrorism and for its purchase of military equipment from the United States.

Some of the 11 princes and 38 former government ministers, deputies and businessmen arrested in Saudi Arabia are reportedly being held at the hotel.

Those detained included a number of government officials including Prince Turki bin Abdullah, former governor of Riyadh province, Khalid Al Tuwaijri, former chief of the Royal Court and Ibrahim Al Assaf, former finance minister, according list published by Reuters.

Admiral Abdullah Al-Sultan: The former commander of Saudi Naval Forces was sacked and replaced with Admiral Fahd bin Abdullah Al-Ghifaili.

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Saudi officials described Saturday's arrests as the result of an investigation by a newly created anti-corruption committee.

Prince Alwaleed formed Kingdom Holding in 1979, initially pouring money into real estate in Riyadh; in the 1990s he ventured into Wall Street, investing heavily in Citigroup.

The committee was established by the royal decree, The Associated Press reports, "due to the propensity of some people for abuse, putting their personal interest above public interest, and stealing public funds".

Al-Arabiya said that the anti-corruption committee had the right to investigate, arrest, ban from travel or freeze the assets of anyone it deemed corrupt.

The AFP news agency also confirmed the crash.

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