 "Saudi wealth fund takes $1.5 billion stake in Prince Alwaleed's firm")
Saudi Arabia’s sovereign wealth fund has taken a $1.5 billion stake in the investment company of billionaire Prince Alwaleed Bin Talal.
The Public Investment Fund acquired a 16.9 per cent stake in Kingdom Holding for 9.09 riyals a share, according to a statement on Sunday.
Prince Alwaleed will retain the other 78.1 per cent.
The firm’s shares rose 6.6 per cent to 9.69 riyals in early trading in Riyadh.
Prince Alwaleed, 67, is one of the richest and highest profile Saudi investors, having held stakes in Citigroup, News and Snapchat.
He was accused of corruption and detained at the Ritz Carlton hotel in Riyadh in 2017 for 83 days.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%