Paris: The mystery prince whose convoy was robbed by masked gunmen on the northern edge of Paris turns out to be the youngest and reportedly favourite son of the late King Fahd of Saudi Arabia. The police have refused to identify the Saudi royal in question, but the French news media on Tuesday reported that he was Prince Abdul Aziz, 41, who is known for his extravagant tastes.

The police said the seamlessness of the robbery suggested that it was an inside job and that Prince Abdul Aziz may have been betrayed by someone in his large entourage. The case has now become notable not merely for its place in a lengthening string of cinematically choreographed robberies that have tarnished Paris’ image. It has also offered a glimpse of the lavish lifestyles of the global elite, especially from the Gulf countries, who regularly make Paris their playground, even at a time when many French are feeling the pinch of a lacklustre economy.

On Sunday, according to Le Monde, the prince was just concluding a getaway that included a 45-day stay at the palatial Four Seasons Hotel George V, one of the world’s most expensive hotels, with stunning views of the Eiffel Tower. As he travelled in a convoy to Le Bourget airport to leave in a private jet, the lead car, a Mercedes minivan, was stopped by eight armed men.

While the prince was safely seated in another car, the thieves hijacked the minivan, with a Saudi driver, bodyguard and attendant still inside before making off with about $335,000 (Dh1.2 million) in cash stuffed in a suitcase in the trunk. The thieves also took documents the French news media described as sensitive, even as the Saudi Embassy emphatically denied that important documents were stolen.

The Saudis in the vehicle were soon forced out, and the charred Mercedes and a BMW driven by the robbers were later found in the woods, along with two 500-euro bills, medicine and some documents in Arabic, according to Le Monde.

Experts on the kingdom said the prince was a former general secretary of Saudi Arabia’s Council of Ministers and once helped shape policy, but was no longer part of the inner sanctum. Nevertheless, within hours of the heist, the French government, which values its strong political and economic ties to the kingdom, rushed to express its regrets.

Concerns are growing in the French capital that a recent spate of carjackings could deter Arab billionaires and their families from visiting. The police said summer was an attractive time for wily thieves, since Paris was flooded with moneyed tourists from the Middle East, Russia and China, some of whom offer cash in exchange for discounts on items like diamonds and designer dresses.

Prince Abdul Aziz, for his part, emerged unscathed from Sunday’s attack, during which the assailants did not fire their weapons. He has since left Paris, according to French news media reports. His destination, they said, was Ibiza.