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.

by

    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.


    YOU MIGHT ALSO LIKE

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    Pakistan's tribal areas: 'Neither faith nor union found'

    Pakistan's tribal areas: 'Neither faith nor union found'

    Residents of long-neglected northwestern tribal belt say incorporation into Pakistan has left them in a vacuum.