When Saudi Arabia’s Wealth Becomes a Private Family Business
The façade is gone. Behind the glittering slogans of “economic reform” and “Vision 2030,” Mohammed bin Salman is tightening his grip on the Kingdom’s wealth—not for the people or true development, but for a network of private interests directly tied to the royal family.
The latest and most striking example of this quiet power grab is the rise of Tharawat Holding, a company run by MBS’s brother, Prince Turki bin Salman. According to a recent Bloomberg investigation, this entity now serves as the gatekeeper for major investment deals and foreign partnerships entering the Saudi economy.
This isn’t just another corporate arrangement—it’s a structural transformation of the state. What’s unfolding in Saudi Arabia is not economic diversification. It’s the centralisation of unimaginable wealth and power in the hands of a few, hidden behind secrecy and entirely shielded from public oversight.
A Silent Empire Managing Hundreds of Billions
With assets valued at over $250 billion, Tharawat Holding operates in the shadows, dictating who gets to invest, how, and on whose terms.
The role that once belonged to public institutions—or at least the Public Investment Fund (PIF)—is now being carried out by a semi-secret entity run by the crown prince’s brother.
Why? Because the real project of Mohammed bin Salman is not to modernise the Saudi economy, but to reengineer it as a personal extension of royal authority, insulated from scrutiny, and managed by a handful of loyalists.
Investment? No—Structured Expropriation
Tharawat Holding has effectively monopolised the foreign investment gateway. International companies hoping to operate in the Saudi market are required to go through Tharawat. Contracts? Reviewed by Tharawat. High-level meetings? Arranged by Tharawat. Approval? Controlled by Tharawat.
Even major domestic firms are being forced into unfair competition with royal-connected entities. Case in point: construction companies working on NEOM were reportedly pressured to lower their prices after Tharawat-backed firms submitted undercutting bids.
This isn’t “efficiency.” It’s the redistribution of wealth—upward—toward the palace.
NEOM: A Billion-Dollar Dream, A Corrupt Machine
The rise of Tharawat coincides with the chaos engulfing MBS’s flagship projects—especially NEOM. Initially estimated at $500 billion, the project's costs have now ballooned to more than $1.5 trillion.
In the midst of this financial storm, Tharawat has become the covert channel for contracts, consultancies, and procurement. Prince Turki has the final say on who wins and who gets sidelined.
Meanwhile, the Saudi economy struggles under the weight of inflation, labour shortages, disrupted supply chains, and total opacity in public spending.
A Prince in the Shadows, Ruling the Economy
Prince Turki bin Salman rarely appears in public, but he is present in every major deal.
He leads a company with fewer than 100 employees—yet it decides the fate of hundreds of billions in capital. Its CEO, Amer Al-Salham, is a former official at the Capital Market Authority, underscoring the merger of state power with royal privilege.
Even meetings with global investors now require Turki’s approval. As Bloomberg bluntly put it: “Only the top has a seat at the table—and it’s on Tharawat’s terms.”
No Accountability. No Parliament. No Press.
This vast consolidation of power is happening in a complete vacuum of democratic oversight. No elected parliament. No independent media. No civil society capable of questioning or confronting the ruling elite.
What we’re witnessing is the hollowing out of the state—its institutions, its budget, its future—into the private coffers of a family-run structure that serves only itself.
And while the regime continues to preach “transparency” and “anti-corruption,” the greatest transfer of public wealth into royal hands is happening under the very banner of reform.
UAE Parallels—But with More Arrogance
Bloomberg likens Tharawat to UAE’s Royal Group, another elite holding firm controlling public wealth. But the Saudi version is even more dangerous.
Because unlike the UAE, where control is overt, Saudi Arabia sells the illusion of change and openness. Yet the reality is that the country is reverting—at high speed—into a neo-patrimonial state where the lines between national wealth and family fortune are completely erased.
35 Million Citizens, One Family in Control
The Saudi economy, with its vast oil reserves and a population of over 35 million, is now hostage to decisions made by a small circle around the royal palace—operating through opaque vehicles like Tharawat.
This isn’t economic policy. It’s absolute control. It strips the economy of its national identity and repurposes it as a tool for personal empire-building.
From Vision 2030 to Tharawat Rule: Saudi Wealth Held Hostage
This is not diversification. This is redistribution—within the family.
While Saudis are told to be patient and support “the Vision,” the economy is being restructured to serve the inner circle. Tharawat Holding—Prince Turki’s silent empire—is the beating heart of that transformation.
Saudi Arabia is not building a new economy. It is entrenching the rule of a dynasty that manages billions beyond reach, beyond question, beyond law.
And the result is becoming clear: a silenced nation and a stolen fortune.
