It turns out that Russian oligarchy is not the only rich person who wants to reduce their most valuable assets considering this new event at home. According to the new Wall Street Journal report, the group is now a Saudi Prince, who together has sold more than $ 600 million “Real Estate, Yacht, and Artwork” in recent years. What spurred the sales in recent years? It was reported that sales had occurred since the crown prince Mohammed bin Salman began to crack down on many facilities and benefits of the royal status they previously enjoyed.
The benefits and benefits include routine maintenance bills on airplanes, cruise ships, and palaces that they do not sell. Where previously the bills will be stepped on by the Saudi Arabian government, now members of the royal family are responsible for their own expenses. As a result, many are forced to sell some of their assets to pay bills and cut monthly lifestyle costs.
But that is not only the need for fast cash that motivates this sales. According to one of the sources that are not mentioned close to several royal princes in question quoted by WSJ, it is also the desire not to attract unwanted attention from Prince Mohammed through luxury expenses or other displays of luxury wealth:
“These people do not work, they have large staff and they are afraid [Prince Mohammed],” said the source, adding that the desire behind sales is usually for a combination of “cash in their back pocket and does not have a visible wealth.”
British state plantations worth $ 155 million are one of the new assets for sale, as well as various large cruise ships and expensive jewelry. Once upon a time, the seller was some of the most powerful people in Saudi Arabia, but now Prince Mohammed has made a drastic change in their situation. British historian and Saudi Kingdom expert Robert Lacey explained to WSJ:
“They have clearly been deployed into disciplined and defined regimen and must live with it … [Prince Mohammed] here for the long term and he re -ed things in the long-term way.”
In cutting out the kingdom of the kingdom, Prince Mohammed reportedly had saved the government of his country hundreds of millions of dollars per year, but several political steps exceeded money savings. He has his family members who are seen as detained political rivals, and he was also reported by people behind the detention of the Saudi government over the Saudi rich in Ritz-Carlton in Riyadh in 2017, many of them were only released after agreeing to a large financial settlement. The government calls it anti-corruption acts, while critics tend to call it “search.”