Saudi Arabia reassuring foreign investors with corruption crackdown

By Middle East FOXBusiness

Prince Al-Waleed advisor reacts to Saudi Arabia's corruption crackdown

Kacy Grine, Ares Holdings Chairman and advisor to Prince Al-Waleed, on Saudi Arabia's corruption crackdown, the Saudi Aramco initial public offering and Saudi Arabia's political and social shift.

Crown Prince Mohammed bin Salman, heir to the throne in Saudi Arabia, has taken steps to modernize the country with a bold, progressive blueprint to change the country socially, economically and politically with Saudi Vision 2030.

Continue Reading Below

“He’s facing a lot of challenges in Saudi Arabia right now, on the military front, the economic front and the social front and he has worked the last two years on the plan called Vision 2030 to meet these challenges and to fix the issues that he has identified,” Kacy Grine, Ares Holdings Chairman and advisor to Prince Al-Waleed, told FOX Business’ Maria Bartiromo on “Mornings with Maria.”

According to Grine, the plan is a significant turning point in Saudi Arabia’s history

“I think what the Crown Prince is doing and leading right now, it’s maybe the most important thing in Saudi modern history, it’s a reverse of the Islamic revolution in 1979 in Iran and instead of taking us 100 years ago, he’s taking us 100 years ahead.”

A key initial step in the plan is the country’s corruption crackdown that has led to the arrest of Prince Al-Waleed bin Talal, billionaire and member of the Saudi royal family, among others.

More from FOXBusiness.com

According to Grine, along with sending a message to the Saudi people, this crackdown is also reassuring foreign investors.

Continue Reading Below

“I think the message to say that nobody is above the law is a very important message to send to the Saudi people…and to foreign investors.” 

Grine says the corruption crackdown will ease foreign investors’ concerns about doing business in Saudi Arabia.

“The concern that, you know, most of the people have right now in the U.S., and in France, is that the message in Saudi Arabia should be that you have a rule of law that nobody is above, but, it is very important to define the rule of law and to present it to make the foreign investors secure about it.”

Though Grine is a friend and advisor to Prince Al-Waleed, he says he has only spoken to him once since his arrest and does not know what charges he faces.

What do you think?

Click the button below to comment on this article.