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.”

As a result, he said 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.

He added that he’s “more supportive of Saudi investments today than I was a week ago or a year ago.”