Wave of anti-corruption arrests mainly over, says trade minister

Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into housing and development projects, Reuters reported, citing Minister of Commerce and Investment Majid Al-Qasabi.

A special Ministry of Finance account has been opened to receive such funds, which are between $50 billion and $100 billion, according to the public prosecutor’s estimates, Al-Qasabi said during a visit to Washington, where he met with U.S. investors.

The public prosecutor in a few days is expected to issue a statement on the status of the investigations, including the number of detainees and how many of them will face legal charges, Al-Qasabi added.

As for the Kingdom’s privatization program, the Saudi minister said it was on track and the government has identified sectors to be privatized.

Stimulus measures are expected to be revealed within the 2018 state budget, which will likely be released by late December, he added.