Saudi corruption purge won’t hinder investments, says Al-Falih

Saudi Arabia’s crackdown against corruption involves only a few individuals and will not hinder investments in the country, energy minister Khalid Al-Falih said, cited by Reuters.

The probe was well overdue and will not have any impact on oil giant Saudi Aramco’s initial public offering (IPO) next year, the minister said on the sidelines of the UN climate conference in Bonn, Germany.

“Everybody understands that this is a limited, domestic affair that the government is simply cleaning house,” Al-Falih was quoted as saying.

“It (the crackdown) has no impact on foreign direct investment. It has no impact whatsoever on the kingdom’s openness, capital flows and our wide open investment environment,” he added.

Several Saudi royals, ministers, and investors, including billionaire Prince Alwaleed bin Talal, were arrested this month in an anti-corruption purge led by Crown Prince Mohammed bin Salman.