Saudi Official: 'There Is No Possibility Whatsoever That the King Will Abdicate'

Saudi purge: Arrested Royals and officials given offer of freedom against large cash/assets

China vows to deepen support for Saudi Arabia

Another person who is a former senior official chose to surrender shares worth 4 billion riyal.

At just 32 years old and with little experience in government, he has risen to power in just three years to oversee all major aspects of politics, security and the economy in Saudi Arabia. That was more of a soft coup than an abdication, but it occurred at a time of crisis similar in some ways to the upheaval sweeping Saudi Arabia today.

"Eliminating uncertainty about what the Saudi authorities are going to do goes a long way towards giving the market comfort that the regime is getting its house in order and plugging its deficit", said Louis Gargour, founder and senior portfolio manager at the London-based hedge fund LNG Capital.

Royal family members have long received undisclosed monthly stipends from state coffers built up during years of higher oil prices.

The businessmen in custody are being asked to hand over assets.

The statement made no specific mention of issues like the resignation as Lebanon Prime Minister Saad al-Hariri while in Saudi Arabia, railing against Riyadh's bitter foe Iran and its Lebanese ally Hezbollah.

Saudi purge: Arrested Royals and officials given offer of freedom against large cash/assets

The FT quoted one source as saying that "they [Saudi authorities] are making settlements with most of those in the Ritz".

"He couldn't have put them in the jail", a senior official explained.

The move came in the backdrop of the crackdown due to corruption that led to arrest of more than 200 Saudi elite which includes 11 princes and influential corporate leaders.

The difference, in this case, would be King Salman's voluntarily handing over the throne to his crown prince because he approves of Mohammed bin Salman's reform agenda, whereas King Saud was invited to consider the joys of early retirement in Switzerland after strenuously opposing Prince Faisal's reform agenda.

During the meeting, they reviewed bilateral relations between the Kingdom and France and the situation in the region, SPA said.

"But he may have realised that by doing this, he's gone a step too far and ruffled too many feathers, and he is maybe trying to find a way out that means these people don't end up in prison forever and can carry on their business operations as before".

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