Trump praises bin Salman’s political purge, but Saudi stocks fall
The arrest of Saudi Prince Alwaleed bin Talal, owner of the Rotana media group and significant shares of Apple, Twitter and Fox News, caused a drop in shares of Kingdom Holdings.
Shares in several Saudi Arabian businesses have fallen in the wake of a major crackdown on corruption.
The growing list of princes and ministers caught up in the purge is widely seen as a move by Crown Prince Mohammed bin Salman, to consolidate power.
However, the arrests of wealthy businessmen and owners of media outlets have shaken the markets.
US President Donald Trump voiced support for the action by Saudi’s leaders tweeting: “I have great confidence in King Salman and the Crown Prince of Saudi Arabia, they know exactly what they are doing”.
Al Jazeera’s Jamal Elshayyal explains.