Economics
Saudi Billionaires Look to Move Funds to Escape Asset Freeze
- Kingdom’s wealthiest are talking to asset managers and banks
- Anti-corruption drive is set to widen as more accounts frozen
StanChart's Maratheftis Says Saudi Arabia Is Changing
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Wealthy Saudis are moving assets out of the region to avoid the risk of getting caught up in what authorities call a crackdown on corruption, according to people with knowledge of the matter.
Some Saudi billionaires and millionaires are selling investments in neighboring Gulf Cooperation Council countries and turning them into cash or liquid holdings overseas, the people said. They spoke on condition of anonymity because of the sensitivity of the matter. In Saudi Arabia, some are in talks with banks and asset managers to move money outside the country, the people said.