Saturday, June 15

Kingdom Holding Bolsters Citigroup Stake with $450 Million Investment from Saudi Prince Alwaleed

Kingdom Holding Co, an investment firm linked to Prince Alwaleed Bin Talal, has increased its ownership in Citigroup Inc to 2.2% by acquiring a $450 million stake from the Saudi billionaire.

The previous stake held by Kingdom in the Wall Street firm was 1.63%, as revealed in a Saudi stock market disclosure on Wednesday. Further details regarding the transaction were not provided in the filing.

Known for his significant investments in companies like Citigroup and Apple, Alwaleed has been a prominent Saudi investor. He has actively supported the modernization initiatives led by Crown Prince Mohammed bin Salman, including advocating for women’s right to drive.

Alwaleed’s relationship with Citigroup dates back to 1991 when he became the bank’s largest shareholder after investing $590 million. However, his global investment standing witnessed a decline in 2017 when he was detained, along with numerous other businessmen and officials, under the crown prince’s anti-corruption campaign.

Although no formal charges were presented, Alwaleed spent 83 days at Riyadh’s Ritz Carlton hotel. The details of the agreement for his release were not publicly disclosed by either Alwaleed or the government, although he referred to it as a “confirmed understanding.”

In 2022, Saudi Arabia’s sovereign wealth fund acquired a $1.5 billion stake in Kingdom Holding. Alwaleed retains a 78.1% interest in the investment company, with the remaining 5% of the stock listed on the Saudi bourse.

Kingdom Holding also possesses a share in Twitter Inc, and Alwaleed was supportive of Elon Musk’s acquisition of the social media platform.

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