MIDEAST STOCKS-Saudi closes higher after steep fall on corruption inquiry | ZAWYA MENA Edition:
"Saudi Arabia's stock index rebounded to close higher on Sunday after initially falling steeply in response to a crackdown on corruption that led to the detention of dozens of prominent political and business figures. A new anti-graft committee, headed by Crown Prince Mohammed bin Salman, detained 11 princes, four current ministers and tens of ex-ministers. Among them was Prince Alwaleed bin Talal, chairman of Kingdom Holding and, as a big investor in Western firms such as Citigroup , the country's most prominent international businessman. By strengthening Prince Mohammed's authority, the crackdown could make it easier for him to push through economic reforms that investors want to see. Many foreign analysts, however, described the strategy as risky. "
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