Saudi energy chief says crackdown not hurting investment

Saudi energy chief says crackdown not hurting investment:

"Saudi officials played down fears that an anti-corruption campaign risked driving away international investors as the kingdom seeks to attract foreign capital to diversify its economy. “Eliminating the pockets of small corruption here and there is reassuring to investors and they are responding by increasing their appetite for the kingdom,” Khalid al-Falih, the energy minister, said on Wednesday. “Without any exaggeration, my phone doesn’t stop ringing.” More than 200 princes, businessmen and senior officials have been detained in Crown Prince Mohammed bin Salman’s anti-corruption drive, raising concerns by investors about the business climate in the country. Those arrested include billionaire Prince Alwaleed bin Talal, one of the Saudi Arabia’s most prominent investors, construction magnate Bakr bin Laden and Saleh Kamel, a prominent businessman from the coastal city of Jeddah."



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