Saudi princes sell $600 million property due to financial problems

According to the WSJ, the Crown Prince of Saudi Arabia has restricted the access of his potential rivals in the struggle for the throne to sources of enrichment. After that, some members of the royal family sold their assets abroad

Mohammed bin Salman

Saudi Arabian princes are selling property and yachts abroad due to financial difficulties they faced after Crown Prince Mohammed bin Salman Abdulaziz Al Saudo restricted their use of part of their income sources, writes The Wall Street Journal. According to the interlocutors of the newspaper, after the tightening of restrictions, the princes do not have enough money to maintain their houses, pay taxes, pay salaries to subordinates, and pay bills for parking aircraft and ships. In addition, members of the royal family try to get rid of the most expensive assets so as not to attract the attention of the crown prince.

Sources of the publication report that Prince Turki bin Nasser Al Saud— one of those who was detained at the Ritz-Carlton hotel in Riyadh in 2017 during an anti-corruption investigation,— in 2020 he sold his 60-meter yacht, and in 2021— house in Los Angeles worth $28.5 million (at the time of the completion of the transaction prinsumer).

Prince Bandar bin Sultan Al Saud sold $155 million worth of UK property in 2021, sources told the WSJ. Other heirs of the late Prince Sultan bin Abdulaziz Al Saud sold a $290 million castle in London after pressure from the crown prince began in 2020. One of his sons, Khaled bin Sultan bin Abdulaziz Al Saud, sold a house in Paris for $87 million near the Eiffel Tower.

The total amount of assets sold exceeded $600 million. Some princes are also forced to mortgage their property to compensate for the lack of funds.

The Saudi Arabian government is aware of these transactions, writes WSJ.< /p>

According to one of the interlocutors of the newspaper, the princes “do not work, they have many subordinates, and they are afraid.” heir to the throne Mohammedabin Salman. They want to have funds that are not conspicuous, the source added. Another person familiar with ongoing transactions noted that the princes are accustomed to a very high standard of living and they need time to learn how to live in the new conditions.

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As the newspaper notes, the country's authorities have recently introduced a number of new restrictions on members of the royal family. For example, they were deprived of paid holidays abroad and payment of water and electricity bills from the treasury. This year, the government plans to introduce a tax on domestic workers: only four will be allowed without paying the tax, and for each subsequent princes they will have to pay $ 2,500.

According to The Wall Street sources Journal, the princes continue to earn illegal ways: by appropriating the landed property of the population, applying for loans in banks and not returning them. One of the interlocutors of the newspaper said that the authorities continue to spend billions of dollars annually on their salaries.

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