"This is the latest act of concentration of power in Saudi," said Hasnain Malik, global head of equity research at emerging markets investment bank Exotix. INSTABILITYThe purge may increase Prince Mohammed's grassroots support by tackling corruption, a problem that has long plagued the economy. For many people, however, a unilateral approach is seen as the best chance to push through the reforms. A chief economist at a big regional bank said Prince Mohammed's main motive for acting was frustration that reforms were not moving fast enough. “The message this should send to foreign investors is it's unwise to bet against MbS," said Sam Blatteis, chief executive of regional advisory firm The MENA Catalysts, using a common abbreviation of Prince Mohammed's name.

Source: New York Times November 05, 2017 13:41 UTC