11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders

11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders

Saudi Arabia has arrested 11 princes for objecting a new royal decree where the state will stop paying their utility bills.  The 11 princes had been held at al-Ha’er prison.  The princes went to Qasr al-Hokm palace to cancel the new decree for halting the payment of water and electricity bill for royal family members and to seek compensation for a death sentence against one of their royal cousin, Prince Turki bin Saud al-Kabeer.

” 11 Saudi Arabia Princes Arrested for Protesting Against Royal Orders “

Saudi Arabia is the world’s largest oil exporter, and in recent times, have been reforming the economy.  The social & economic rebounds have been led by Crown Prince Mohammad bin Salman.  He has introduced reforms including reducing subsidies, new taxes and lifting the ban on women driving.

Source:  Bloomberg, Reuters, CNN

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Saudi Arabia Woos Hong Kong Investors to its Stock Market

Saudi Arabia Woos Hong Kong Investors to its Stock Market

Saudi Arabia is trying to attract Hong Kong institutional investors to its stock market, the largest in the Middle East as the country loosens restrictions on foreign direct investment. A roadshow was held in Hong Kong recently by Vice-Chairman of Capital Market Authority which oversees the stock market and other senior government officials and executives from Saudi companies.

“In 2015, Saudi Arabia open its stock market to allow limited ownership by foreign institutional investors.”

~ South China Morning Post

In 2015, Saudi Arabia open its stock market to allow limited ownership by foreign institutional investors. Ever since late last year, the rules have been revamped and restrictions have been eased such as a reduction of value of assets required for Qualified Foreign Investors (QFI) from US$ 5 billion to US$ 1 billion and allowing them to own as much as 10% of a traded company, up from 5%.

Related Report: South China Morning Post

 


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Saudi Arabia’s Deputy Crown Prince is Owner of This Megayacht

Saudi Arabia’s Deputy Crown Prince is Owner of This Megayacht

New York Times has named the owner of 134-meter Serene to be Mohammed bin Salman, Saudi Arabia’s deputy crown prince. Prior to this, it was owned by Russian billionaire Yuri Shefler who sold the yacht to the prince in 2014. It is reported that the prince spotted the yacht while having a holiday in the south of France. He immediately asked his aide to buy the ship and the deal was done within hours at a price around 500 million euros.

“New York Times has named the owner of 134-meter Serene to be Mohammed bin Salman, Saudi Arabia’s deputy crown prince.”

~ New York Times

Serene is the 15th largest yacht in the world and has an impressive array of amenities. The real head-turning points are her two helipads, indoor climbing wall, fully equipped spa, three swimming pools and below deck, an underwater viewing room with enough space for a large submarine.

Related Reports: Business Insider, Wealth-X

 


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Saudi Arabia Held $52.4 Billion of US Stocks as of June 2015

Saudi Arabia Held $52.4 Billion of US Stocks as of June 2015 

Saudi Arabia held $52.4 billion of US stocks as of June 2015., the US government said breaking out the kingdom’s assets. This figure marked a decline from about $78 billion in June 2014 and was the first annual drop since 2009. In addition to $109 billion of Treasuries, Saudi Arabia also held $10 billion of long term asset backed securities in June 2015.

“In addition to $109 billion of Treasuries, Saudi Arabia also held $10 billion of long term asset backed securities in June 2015.”

~ Bloomberg

The Treasury indicated $184 billion of Saudi holdings of U.S. securities as of June 2015, down from $194 billion in June 2014, the report said. Foreigners held a total of about $6.7 trillion of U.S. equities, with Cayman Islands the largest listed holder at $884 billion, according to the Treasury

Related Reports: Bloomberg, Forbes

 

About US Treasury

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government.

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