Home / World News / Saudi wealth fund takes $1.5 billion stake in Prince Alwaleed's firm

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

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1 min read Last Updated : May 23 2022 | 2:23 AM IST

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.

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Topics : Saudi Arabia Prince Alwaleed bin Talal Riyadh Kingdom Holding