Eleven princes and 38 government ministers have are being held in 5-star hotels

He owns London's Savoy and has shares in Twitter, Apple and Time Warner

According to local reports, Prince Al-Waleed bin Talal is one of the men arrested

According to local reports, Prince Al-Waleed bin Talal is one of the men who has been detained

Dozens of princes and former government ministers have been arrested in Saudi Arabia hours after an anti-corruption commission was formed.

Officials in the kingdom has frozen the bank accounts of 11 princes and 38 former government ministers, deputies and businessmen who are being held in five-star hotels across the capital, Riyadh, in the anti-corruption sweep.

Saudi billionaire Prince Al-Waleed bin Talal - who is one of the richest men in the world and owns the British capital’s top hotel the Savoy - is one of the men who has been detained.

The Saudi information ministry also stated the government would seize any asset or property related to the alleged corruption, meaning London’s Savoy hotel could become state property in the kingdom.

‘The accounts and balances of those detained will be revealed and frozen,’ a spokesman for Saudi Arabia’s information ministry said.

‘Any asset or property related to these cases of corruption will be registered as state property.’

Those detained are being held in five-star hotels across the capital, Riyadh, in the anti-corruption sweep.

Reports suggest some of the detainees are being held at the Ritz-Carlton in Riyadh.

A royal court official, Badr al-Asaker, on Sunday appeared to confirm the arrests on Twitter, describing a 'historic and black night against the corrupt'.

The powerful heads of the Saudi National Guard, an elite internal security force, and the navy were also replaced in a series of high-profile sackings that sent shock waves in the kingdom.

The Savoy hotel in London which is owned by one of the men arrested in the anti-corruption sting

Prince Charles (left), flanked by Saudi Prince Alwaleed Bin Talal (second left), his wife Amira delivers a speech during a tour at the official re-opening of the Savoy Hotel in London, on November 2, 2010

Prince Alwaleed is one of the Middle East's richest people, with investments in Twitter, Apple, Rupert Murdoch's News Corporation, Citigroup, the Four Seasons hotel chains and most recently in ride sharing service Lyft.

He's also known for being among the most outspoken Saudi royals, long advocating for greater women's rights.

He is also majority owner of the popular Rotana Group of Arabic channels.

The government has so far only announced that an anti-corruption probe was launched, with state-linked media reporting that dozens of princes and ministers were detained without releasing their names.

In June this year, Crown Prince Mohammed bin Salman was appointed to the role after his father, King of Saudi Arabia Salman bin Abdulaziz Al Saud, decided to depose former Crown Prince Muhammad bin Naye.

Earlier this evening, ahead of the arrests, Prince Mohammed established the anti-corruption commission by royal decree

The king also ousted Prince Miteb bin Abdullah from his post as head of the National Guard overnight.

The prince is reportedly among those detained in the sweep, as is his brother, Prince Turki bin Abdullah, who was once governor of Riyadh.

Both are sons of the late King Abdullah, who ruled before his half brother King Salman.

Saudi Twitter accounts released several other names of those arrested, such as Alwalid al-Ibrahim, a powerful Saudi businessman with ties to the royal family who runs the Arabic satellite group MBC; Amr al-Dabbagh, the former head of the Saudi Arabian General Investment Authority; Ibrahim Assaf, the former finance minister; and Bakr Binladin, head of the Saudi Binladin Group, a major business conglomerate.

Last night, ahead of the arrests, Prince Mohammed established the anti-corruption commission by royal decree.

An aviation source has said that security forces had grounded private jets in the Red Sea city of Jeddah, potentially to prevent any high-profile figures from leaving.

'The breadth and scale of the arrests appears to be unprecedented in modern Saudi history,' said Kristian Ulrichsen, a fellow at the Baker Institute for Public Policy at Rice University,' they said.

'The reported detention of Prince Al-Waleed bin Talal, if true, would send shockwaves through the domestic and international business community.'

Prince Alwaleed has made several appearances on CNBC to give investment advice.

Last month he was on the network predicting bitcoin was a 'speculative bubble that would soon implode'.

The 32-year-old crown prince, often known as MBS, has projected himself as a liberal reformer in the ultra-conservative kingdom

The arrests come less than two weeks after Prince Mohammed welcomed thousands of global business titans to Riyadh for an investment summit, showcasing his economic reform drive for a post-oil era.

The 32-year-old crown prince, often known as MBS, has projected himself as a liberal reformer in the ultra-conservative kingdom with a series of bold moves including the decision allowing women to drive from next June.

Already viewed as the de facto ruler controlling all the major levers of government, from defence to the economy, the prince is widely seen to be stamping out traces of internal dissent before a formal transfer of power from his 81-year-old father.

It comes hours after Saudi Arabia hit and destroyed a 'ballistic missile' northeast from its capital Riyadh after it was launched from Yemen.

The missile was destroyed near Riyadh's King Khaled international airport and was said to be of 'limited size'.

No injuries or damage were reported.