Business Standard

Saudi wealth fund takes $1.5 billion stake in Prince Alwaleed's firm

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

Most investments in Canada have been made by Saudi billionaire Prince Alwaleed Bin Talal through his Kingdom Holding Co., a Riyadh-based conglomerate with investments in hotels and real estate. Photo: Reuters
Premium

Reuters
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

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 23 2022 | 2:23 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com