Saudi Arabia: Arrest of Osama bin Laden's half-brother shatters royal entente
Dubai, November 11: Bakr Binladin, the chairman of the kingdom's pre-eminent contractor and Osama bin Laden's half-brother, was one among those caught in the unprecedented arrests of top princes in Saudi Arabia.
It was a stunning end to a decades-old alliance between the ruling Al Saud and Binladin families that saw the Saudi Binladin Group secure a near-monopoly on mega-expansion projects in Islam's two holiest sites, Mecca and Medina, throughout the reigns of successive Saudi monarchs.
The government says 201 people have been taken into custody in the purge, which comes amid an anti-corruption probe it says uncovered at least USD 100 billion in graft and embezzlement.
Saudi critics and experts have called the arrests a bold and risky move by Crown Prince Mohammed bin Salman aimed at consolidating power as he sidelines potential rivals, silences critics and dismantles alliances built with other branches of the royal family.
The 32-year-old crown prince, who is the son of King Salman and is popularly known by his initials MBS, is leading the anti-corruption investigation.
He's also the force behind the so-called Vision 2030 plan, a blueprint for how to restructure the country and wean it from its dependence on oil revenue.
The arrests of Binladin and the others not only signal the end of old alliances, but also speak to the larger demands being made on the business community to pay into the crown prince's economic vision in an era of lower oil prices.
"This is the beginning of the rise of economic nationalism," said Ayham Kamel, head of the Middle East and North Africa division of the Eurasia Group.
A centerpiece of that plan is NEOM, a USD 500 billion project that promises to be the world's most futuristic and technologically-advanced city, which was unveiled by the crown prince at a headline-grabbing global investment conference in Saudi Arabia last month.
But instead of receiving major pledges to the project by Saudi business leaders, MBS "got deafening silence", Kamel said.
Since the 1950's, the Binladins have been the royal family's go-to contractor for some of its most sensitive projects, including construction of private palaces in the immediate boon years after oil was discovered in Saudi Arabia.
The Binladins became their creditors, as well as contractors since the royal family spent lavishly on trips abroad and new palaces at home.