(Bloomberg) -- Sam Zell, chairman of real estate firm Equity Group Investments LLC, said the arrests of princes, billionaires and officials in Saudi Arabia over the weekend were “long overdue” in a country that has been “in many ways resisting modernization,” and that he's personally more likely to invest there as a result.
Though this is “very dramatic and very scary to a lot of people, I don't think Saudi Arabia has any option,” the billionaire investor said in an interview on Bloomberg Television on Tuesday, adding that he's “more supportive of Saudi investments today than I was a week ago or a year ago.”
--With assistance from Paris Wald and Katia Dmitrieva
To contact the reporter on this story: Daniel Taub in New York at dtaub@bloomberg.net.
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Christine Maurus
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