The arrest of Prince Alwaleed Bin Talal and other Saudi potentates was perceived to be more about consolidating power than purging corruption.
Mohammend Bin Salman, the crown prince and force behind the throne, is pushing an aggressive reform agenda.
There's mounting 'frustration that reforms haven't been happening fast enough,' a Gulf bank economist told Reuters.Saudi authorities detained a billionaire global investor and the head of the National Guard as part of an anti-corruption purge that consolidates Crown Prince Mohammed bin Salman's hold on power.
Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding 4280.SE, was among 11 princes, four ministers and tens of former ministers detained, two senior Saudi officials told Reuters on Sunday.
A top security official, Prince Miteb bin Abdullah, was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf. This consolidates Prince Mohammed's bin Salman's control of security institutions which had previously been headed by separate branches of the ruling family.