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Prince Alwaleed was among at least 11 princes detained in the probe, including two sons of the late King Abdullah. The government, however, has not named those detained nor discussed the specific allegations against them.

Photo by FAYEZ NURELDINE/AFP/Getty Images

Hours before the arrests were made, the late King Abdullah’s son Prince Miteb was ousted from his post overseeing the National Guard, a powerful force that oversees key aspects of internal security and the security of the royal family. He was seen as a potential contender for the throne until his arrest in the sweep.

Critics say the crown prince, who is King Salman’s son and heir, has used the purported anti-corruption campaign to sideline potential rivals and critics, and seize control of influential businesses run by many of the scions detained in the probe. The arrests also raised concerns over increasing totalitarianism, along with disarray and resentment from within a royal family whose unity has been the bedrock of the kingdom.

The government says the arrests are part of a wider effort to increase transparency, accountability and good governance.

Still, the arrests were unprecedented in a country where royals and their associates have long been seen as operating above the law.

Photo by FAYEZ NURELDINE/AFP/Getty Images

The surprise arrests also worried international investors, particularly as the Saudi government prepares to list oil giant Saudi Aramco on the stock market sometime this year or next. Many investors see Prince Alwaleed’s arrest as a bellwether for doing business in a country where the potential for future arrests remains. His release comes as world leaders and major investors convene at the World Economic Forum in Switzerland.