Saudi has completed main wave of arrests in anti-graft purge, minister saysWASHINGTON (Reuters) - Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into economic development projects, a Saudi minister said on Monday.  As far as I know, this is the case,  Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told Reuters when asked whether authorities had finished taking large numbers of top officials and businessmen into custody.  Now the government will not keep its mouth shut when it sees a corrupt case. So definitely it will act. But this is   in terms of its magnitude, in terms of scale, in terms of how, in terms of why, in terms of now, that s it,  he said. Dozens of princes, officials and businessmen were detained last month, about 200 people questioned, and over 2,000 bank accounts frozen in the purge, which has strengthened the authority of Crown Prince Mohammed bin Salman. Some suspects will go to court but authorities are seeking to reach financial settlements with most and said last week that the first deals had been done. Senior prince Miteb bin Abdullah, once seen as a leading contender for the throne, was freed after agreeing to pay over $1 billion, officials said. A special Ministry of Finance account has been opened to receive such funds, which the public prosecutor s office has estimated should eventually total between $50 billion and $100 billion, Qasabi said during a visit to Washington to meet U.S. businessmen.  This money definitely will be used for housing, for the general public needs, because it is the money for the people. It will not be used for any other issue but for development projects.  The public prosecutor is expected in a few days to issue a statement on the status of the investigation, including how many people are detained and how many face legal charges, Qasabi added. Riyadh is seeking huge amounts of U.S. and foreign investment to reduce its dependence on oil exports. Qasabi conceded that U.S. businessmen were somewhat concerned by the potential impact of the crackdown on corruption.  They re worried about if this is ... will be, the end of it or where it will stop,  he said.  But they all think this will be good for the country, because the country s leadership stood visibly to fight corruption, and ultimately this will be a level playing field for everybody.  The economic reforms include a privatization program that is to raise some $300 billion. In the past 18 months, there has been little concrete progress as deals have been slowed by red tape, legal uncertainties and high asking prices for assets, foreign businessmen say. Qasabi said the program was on track and the government, having identified sectors to be privatised, was working on the complex mechanics of asset transfers that would take place by mid-2019. Sea ports will be a major area of activity, he said. Privatization of grain mills under the Saudi Grains Organisation is in its final phase and could be completed by mid-2018, Qasabi added. The economy has been hit hard in the past couple of years by low oil prices and government austerity measures. Authorities have promised stimulus steps and Qasabi noted they had this year increased the capital of the Saudi Industrial Development Fund, which makes soft loans to businesses. More stimulus measures are likely to be announced with the 2018 state budget, expected to be released in late December, or before then, he added. Financial incentives offered by the government could total 70 billion riyals ($18.7 billion). Qasabi chairs a program that encourages strategic Saudi companies to expand globally in sectors such as food, logistics, pharmaceuticals and petrochemicals. The government will allocate money to help them grow by acquiring other firms locally, he said. worldnews
saudi completed main wave arrests purge minister sayswashington reuters saudi arabia completed main wave arrests sweeping crackdown corruption preparing channel billions dollars seized funds economic development projects saudi minister said monday as far i know case minister commerce investment maid bin abdullah told reuters asked whether authorities finished taking large numbers top officials businessmen custody now government keep mouth shut sees corrupt case so definitely act but terms magnitude terms scale terms terms terms said dozens princes officials businessmen detained last month people questioned bank accounts frozen purge strengthened authority crown prince mohammed bin salman some suspects go court authorities seeking reach financial settlements said last week first deals done senior prince mite bin abdullah seen leading contender throne freed agreeing pay billion officials said a special ministry finance account opened receive funds public prosecutor office estimated eventually total billion billion asahi said visit washington meet businessmen this money definitely used housing general public needs money people it used issue development projects the public prosecutor expected days issue statement status investigation including many people detained many face legal charges asahi added riyadh seeking huge amounts foreign investment reduce dependence oil exports asahi conceded businessmen somewhat concerned potential impact crackdown corruption they worried end stop said but think good country country leadership stood visibly fight corruption ultimately level playing field everybody the economic reforms include privatization program raise billion in past months little concrete progress deals slowed red tape legal uncertainties high asking prices assets foreign businessmen say asahi said program track government identified sectors privatized working complex mechanics asset transfers would take place sea ports major area activity said privatization grain mills saudi grains organisation final phase could completed asahi added the economy hit hard past couple years low oil prices government austerity measures authorities promised stimulus steps asahi noted year increased capital saudi industrial development fund makes soft loans businesses more stimulus measures likely announced state budget expected released late december added financial incentives offered government could total billion rivals billion asahi chairs program encourages strategic saudi companies expand globally sectors food logistics pharmaceuticals petrochemicals the government allocate money help grow acquiring firms locally said worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Saudi has completed main wave of arrests in anti-graft purge, minister saysWASHINGTON (Reuters) - Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into economic development projects, a Saudi minister said on Monday.  As far as I know, this is the case,  Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told Reuters when asked whether authorities had finished taking large numbers of top officials and businessmen into custody.  Now the government will not keep its mouth shut when it sees a corrupt case. So definitely it will act. But this is   in terms of its magnitude, in terms of scale, in terms of how, in terms of why, in terms of now, that s it,  he said. Dozens of princes, officials and businessmen were detained last month, about 200 people questioned, and over 2,000 bank accounts frozen in the purge, which has strengthened the authority of Crown Prince Mohammed bin Salman. Some suspects will go to court but authorities are seeking to reach financial settlements with most and said last week that the first deals had been done. Senior prince Miteb bin Abdullah, once seen as a leading contender for the throne, was freed after agreeing to pay over $1 billion, officials said. A special Ministry of Finance account has been opened to receive such funds, which the public prosecutor s office has estimated should eventually total between $50 billion and $100 billion, Qasabi said during a visit to Washington to meet U.S. businessmen.  This money definitely will be used for housing, for the general public needs, because it is the money for the people. It will not be used for any other issue but for development projects.  The public prosecutor is expected in a few days to issue a statement on the status of the investigation, including how many people are detained and how many face legal charges, Qasabi added. Riyadh is seeking huge amounts of U.S. and foreign investment to reduce its dependence on oil exports. Qasabi conceded that U.S. businessmen were somewhat concerned by the potential impact of the crackdown on corruption.  They re worried about if this is ... will be, the end of it or where it will stop,  he said.  But they all think this will be good for the country, because the country s leadership stood visibly to fight corruption, and ultimately this will be a level playing field for everybody.  The economic reforms include a privatization program that is to raise some $300 billion. In the past 18 months, there has been little concrete progress as deals have been slowed by red tape, legal uncertainties and high asking prices for assets, foreign businessmen say. Qasabi said the program was on track and the government, having identified sectors to be privatised, was working on the complex mechanics of asset transfers that would take place by mid-2019. Sea ports will be a major area of activity, he said. Privatization of grain mills under the Saudi Grains Organisation is in its final phase and could be completed by mid-2018, Qasabi added. The economy has been hit hard in the past couple of years by low oil prices and government austerity measures. Authorities have promised stimulus steps and Qasabi noted they had this year increased the capital of the Saudi Industrial Development Fund, which makes soft loans to businesses. More stimulus measures are likely to be announced with the 2018 state budget, expected to be released in late December, or before then, he added. Financial incentives offered by the government could total 70 billion riyals ($18.7 billion). Qasabi chairs a program that encourages strategic Saudi companies to expand globally in sectors such as food, logistics, pharmaceuticals and petrochemicals. The government will allocate money to help them grow by acquiring other firms locally, he said. worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: saudi completed main wave arrests purge minister sayswashington reuters saudi arabia completed main wave arrests sweeping crackdown corruption preparing channel billions dollars seized funds economic development projects saudi minister said monday as far i know case minister commerce investment maid bin abdullah told reuters asked whether authorities finished taking large numbers top officials businessmen custody now government keep mouth shut sees corrupt case so definitely act but terms magnitude terms scale terms terms terms said dozens princes officials businessmen detained last month people questioned bank accounts frozen purge strengthened authority crown prince mohammed bin salman some suspects go court authorities seeking reach financial settlements said last week first deals done senior prince mite bin abdullah seen leading contender throne freed agreeing pay billion officials said a special ministry finance account opened receive funds public prosecutor office estimated eventually total billion billion asahi said visit washington meet businessmen this money definitely used housing general public needs money people it used issue development projects the public prosecutor expected days issue statement status investigation including many people detained many face legal charges asahi added riyadh seeking huge amounts foreign investment reduce dependence oil exports asahi conceded businessmen somewhat concerned potential impact crackdown corruption they worried end stop said but think good country country leadership stood visibly fight corruption ultimately level playing field everybody the economic reforms include privatization program raise billion in past months little concrete progress deals slowed red tape legal uncertainties high asking prices assets foreign businessmen say asahi said program track government identified sectors privatized working complex mechanics asset transfers would take place sea ports major area activity said privatization grain mills saudi grains organisation final phase could completed asahi added the economy hit hard past couple years low oil prices government austerity measures authorities promised stimulus steps asahi noted year increased capital saudi industrial development fund makes soft loans businesses more stimulus measures likely announced state budget expected released late december added financial incentives offered government could total billion rivals billion asahi chairs program encourages strategic saudi companies expand globally sectors food logistics pharmaceuticals petrochemicals the government allocate money help grow acquiring firms locally said worldnews