Saudi corruption settlements will net "not significantly less" than $13 bln in 2019 -minister

Saudi Minister of Finance Mohammed al-Jadaan speaks during a news conference in Riyadh, Saudi Arabia December 18, 2018. (Reuters)
Updated 19 December 2018
0

Saudi corruption settlements will net "not significantly less" than $13 bln in 2019 -minister

  • Mohammed al-Jadaan also said that construction giant Saudi Binladin Group would soon have a "normal board" with family members and representatives of government

RIYADH: Saudi Arabia's finance minister said on Wednesday that cash settlements from an anti-corruption campaign would net "not significantly less" in 2019 than the 50 billion Saudi riyals ($13.3 billion) collected in 2018.
Mohammed al-Jadaan also said in a Reuters interview that construction giant Saudi Binladin Group, in which the government took a roughly one third stake under the campaign, would soon have a "normal board" with family members and representatives of government ownership.
He added that the kingdom's sovereign wealth fund, the Public Investment Fund, has no role in a ministry-owned company that is managing assets seized through settlements with dozens of Saudi elite detained last year under the corruption purge.


Bollywood comes to Saudi Arabia

Updated 22 min 28 sec ago
0

Bollywood comes to Saudi Arabia

JEDDAH: Saudi Arabia will host several concerts featuring major Bollywood performers after the General Entertainment Authority (GEA) signed two memoranda of understanding (MoUs) with Indian entertainment companies on Wednesday.
The agreements were reached during the Saudi-Indian Forum that was held in the latter’s capital, New Delhi, during the visit of the Kingdom’s Crown Prince Mohammed bin Salman to the South Asian nation.
Over 400 people attended the opening day of the forum, including government officials and businessmen from both countries. It included an exhibition called “Invest in Saudi Arabia,” in which several Saudi companies showcased their services, expertise and missions to their Indian counterparts, to facilitate investment from the subcontinent in the Kingdom’s burgeoning private sector.
The MoUs, signed by the GEA’s chief information officer, Ibrahim Al-Moqbil, were agreed with the creative agency Totem Spot FZE, to plan Bollywood concerts in the Kingdom in 2019, and entertainment agency BToS Productions, to manage the concerts for the Bollywood stars, as well as for other international musicians performing in Saudi Arabia later this year.