Saudi Arabia buys $1.5bn stake in Prince Alwaleed’s firm
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Saudi Arabia buys $1.5bn stake in Prince Alwaleed’s firm

Saudi Arabia buys $1.5bn stake in Prince Alwaleed’s firm

The Public Investment Fund acquired a 16.9 per cent stake in Kingdom Holding Company

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Prince Alwaleed

Saudi Arabia’s sovereign wealth fund has taken a $1.5bn 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 Company for SAR9.09 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 SAR9.69 in early trading in Riyadh.

Prince Alwaleed, 67, is one of the richest and highest profile Saudi investors, having held stakes in Citigroup, News Corp. and Snapchat.

The prince also holds a stake in Twitter, and has backed Elon Musk’s attempt to buy the company.

Read: Prince Alwaleed says Musk will be ‘excellent’ for Twitter

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