Shares of Saudi Prince Al-Waleed bin Talal’s Kingdom Holding surge after his release
By Agence France-Presse
Shares in Saudi billionaire Prince Al-Waleed bin Talal’s Kingdom Holding surged on Sunday after he was released following three months of detention.
The share price of the company, 95 percent of which is owned by Prince Al-Waleed, rose the maximum allowed 10 percent at the start of the week’s trading, regaining its level from before the arrest.
The share price dropped sharply when Prince Al-Waleed was arrested in November in an anti-corruption drive by the government, but had partially regained some of the losses.
Prince Al-Waleed was the most high-profile detainee among 350 suspects rounded up, including business tycoons and ministers, who were held in Riyadh’s luxury Ritz-Carlton hotel.
The prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees in exchange for their freedom.
Kingdom Holding, traded on the Saudi Tadawul All-Shares Index (TASI) has been one of Saudi Arabia’s most important investors with shares in US tech giant Apple and social media site Twitter, among others.