Bloomberg: Prince Al-Walid's investment company, Kingdom Holding Group, obtained deposit receipts issued by oil and gas giant Gazprom, Lukoil PJSC and Rosneft PJSC in February, according to the group's disclosure to the Saudi Stock Exchange .
No specific dates were given for the investments, and the Saudi company did not respond to Bloomberg's questions as to whether it still owns the assets, as the value of all depository receipts declined rapidly after the invasion began on February 24, when trade in Moscow halted and Western sanctions were imposed on Russia.
Prince Alwaleed is one of the richest people in Saudi Arabia, and one of the most famous international investors.
Most recently, the kingdom's sovereign wealth fund, headed by Crown Prince Mohammed bin Salman, acquired a 16.9% stake in Kingdom Holding Company in May, worth $1.5 billion.
Prince Alwaleed was also detained at the Ritz-Carlton Hotel in the Saudi capital in 2017, along with other princes and government officials as part of what the state described as an anti-corruption investigation.
But the wealthy prince did not formally face any charges, and was released after 83 days in detention after reaching an undisclosed "confirmed understanding" with the government.
Big investments
According to Al-Waleed Group's disclosure, Kingdom Holding has invested $3.4 billion in stocks and depository receipts since 2020. The largest share was an investment of 2.5 billion riyals in Spain's Telefonica SA in the period from April to August 2020.
It also revealed stakes in the famous companies Uber, China's Alibaba, and others. Al-Waleed also boosted his investments in Apple and Citigroup.
Bin Talal, 67, had become one of the most prominent Saudi investors after acquiring stakes in such major companies, such as Twitter and others.
Most recently, he announced the sale of a stake in his Rotana Music brand to Warner Music Group, and raised $2.2 billion by selling part of his stake in the Four Seasons hotel chain to Bill Gates Cascade Investment LLC.
Al-Waleed is known for his long-term investments, and he is a huge fan of the famous American investor Warren Buffett.
Post a Comment