By Peter Waldman and Glen Carey
Bloomberg
November 9, 2017

It’s a go-for-broke upheaval. The question now, for hopeful investors, is whether the crown prince follows his corruption crackdown by opening up an economy dominated by plutocrats and royal cronies.

It makes sense to be cynical about Crown Prince Mohammed bin Salman’s ostensible crackdown on corruption in Saudi Arabia.

Among the 11 princes, 4 ministers, and dozens of well-known businessmen arrested were some of the 32-year-old’s last potential rivals to the Saudi throne.

The move also smacks of an asset snatch. Police nabbed 3 of the Arab world’s 10 richest men, including investor Prince Alwaleed bin Talal, the billionaire best known for rescuing Citicorp in 1991 and making big bets on Apple Inc. and 21st Century Fox Inc.

But was it only a Machiavellian power play? Or is this the start of a dramatic, go-for-broke attempt to transform a country that’s resisted change for decades? Read the rest of this entry »