Some analysts have viewed the purge as an attempt by Crown Prince Mohammad bin Salman, who has a reform agenda, to consolidate his power ahead of his ascension to the throne when his 81-year-old father King Salman abdicates, an event expected in the next few months.
There is also the view that the crown prince has aimed to get rid of conservative rivals who might try to halt his plans for change in the country. In a signal that there could be more to come in Saudi Arabia's push against corruption, the country's chief legal advisor said Sunday that the crackdown was the completion of "phase one of our anti-corruption push."
There are fears though that the crackdown could spook investors. Emad Mostaque, co-chief investment officer at Capricorn Fund Managers, told CNBC on Tuesday that there was a question mark over whether the crown prince could go too far.
"He (Mohammed bin Salman) has been incredibly decisive at the moment in getting things sorted but the question is does he veer over the line and go beyond what the law says - which he, of course, can change - to overdoing it in terms of the crackdown?"