Saudi royals have sold more than $600 million worth of real estate, yachts and artwork since Crown Prince Mohammed bin Salman tightened the ruling family’s purse strings
Kingdom’s senior princes are trying to raise cash and avoid scrutiny from Crown Prince Mohammed bin Salman
Saudi Arabia plans to build Neom, a futuristic megacity in the middle of the desert. But residents resisting evictions and a historic collapse in oil prices have raised new questions about the project. RIYADH, Saudi Arabia—Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom’s de facto ruler tightened the purse strings of the ultrawealthy ruling family.
The transactions represent a radical change of fortune for senior princes who funneled windfalls from oil booms in the 1970s and 1980s into some of the world’s most exclusive markets. The vast sums of money were spent largely on hard-to-sell assets or drained by spending that reached $30 million a month for some royals with large staffs and lavish lifestyles, making them vulnerable to recent changes in government policy.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Saudi Royals Are Selling Homes, Yachts and Art as Crown Prince Cuts IncomeSaudi Arabia’s senior princes have sold more than $600 million worth of real estate, yachts and artwork as they try to raise cash and avoid scrutiny from de factor ruler Crown Prince Mohammed bin Salman.
Weiterlesen »
Doctor Strange in the Multiverse of Madness Gets Banned in Saudi ArabiaDoctor Strange in the Multiverse of Madness has been banned in Saudi Arabia. The news comes [...]
Weiterlesen »
Why the United States is reluctant to become the Saudi Arabia of natural gasOPINION: Some would welcome the revenue and jobs exporting LNG would bring, but others are worried about undermining U.S. energy markets or adding to global warming.
Weiterlesen »
Iran says talks with regional rival Saudi Arabia resumed in BaghdadRival regional powers Iran and Saudi Arabia resumed talks in the Iraqi capital after they were suspended in March, Iran's semi-official Nour News reported.
Weiterlesen »
Report: Saudi Arabia Exploring Possibility of Implementing Blockchain in Government – Featured Bitcoin NewsThe kingdom needs to not only hire blockchain experts but must 'work with universities to develop [a] curriculum in blockchain and Web3.' blockchain crypto
Weiterlesen »
Saudi Arabia is converting an archipelago into a high-luxury mega-resortHere's why Saudi Arabia is embarking on a massive initiative to convert an archipelago into a luxurious mega-resort.
Weiterlesen »