The billionaire prince was arrested a few months ago for visiting Albania (Photo)

Saudi Arabia last night announced the arrest of prominent billionaire investor Prince Alwed bin Talal, who visited Albania in August, meeting with Prime Minister Rama and Foreign Minister Bushati.

At least 10 other princes, four ministers and dozens of former ministers have been placed in the wave of arrests. The arrest announcement was made in Al Arabia, the Saudi-owned satellite network.

New York Times writes that the arrest of Prince Alwelled is sure to send shock waves both through the Kingdom and through major financial centres in the world.

He controls the investment firm Kingdom Holding and is one of the world's richest men, who own or have large shares in News Corps, Citigroup, Twitter and many other well-known companies. The prince also controls satellite networks watched throughout the Arab world.

The comprehensive campaign involving the arrests seems to be the last move to consolidate the power of Crown Prince Mohammed bin Salman, the preferred son and senior adviser to King Salman.

At the age of 32, the crown prince is already the dominant voice in the Saudi army, foreign, economic and social policies, inciting the murmuring of discontent in the royal family that he has amassed too much personal power and at a very young age.

The world's 45th richest man, Prince Al Waled, arrived in Durres with his super luxury yacht on 25 August this year.

His full name is Alweed Bin Talal Bin Abdulaziz Al Saud. He met that same day with Prime Minister Edi Rama and Foreign Minister Ditmir Bushati. Discussions among them focused on possible investments in the field of tourism, industry and infrastructure.