The Mystery of Fleeing Saudi Princes and Immense Oil Wealth

Where is this all going?

Affluent Saudis, including Royal family members, are in a rush to flee the country in the wake of nation-wide unrest which has engulfed the oil-rich kingdom since Saudi Arabia. Photo courtesy: en.ghatreh.com

(XINHUA News Agency / SALEM) - Affluent Saudis, including Royal family members, are in a rush to flee the country in the wake of nation-wide unrest which has engulfed the oil-rich kingdom since Saudi Arabia – US's closest Arab ally in the volatile Middle-East– waged a devastating war on poverty-stricken Yemen.

Having assumed the throne, septuagenarian King Salman has adopted unstable domestic and foreign policies such as excessively empowering his ambitious son Mohammad Bin Salman, the deputy crown prince and minister of defense which led to brutal reshuffles in nearly all key government positions.

According to local sources, the dispute between disgruntled royal family members and the totalitarian monarch, reached its climax and as the seething volcano of social discontent is about to explode any minute.

The fearful princes began to flee to western countries--namely France and the United Kingdom— with various pretexts, leaving a country enmeshed in a bloody foreign war, a fragile security situation, and an economy in complete shambles.

In the meantime, faced with hundreds of runaway princes withdrawing large sums of cash from the kingdom's central bank, Saudi officials attempted to impede the massive capital outflow by imposing certain restrictive monetary measures.

The new restrictions strongly prohibit money transfer to abroad if the sum exceeds $ 500.00 per month which is only possible when the person buys a property overseas and after presenting the pertinent official documents, the applicant shall be able to send that precise amount of foreign currency.

There are plenty of cases showing desperate Saudi princes fabricating real estate documents to transfer their assets.

Many political observers believe the propinquity of Yemeni revenge for the Saudi war atrocities is the most important factor in the large exodus of Saudi princes.