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29/01/2018 06:12 AST
Kingdom Holding Co. surged after its chairman, Prince Al Waleed Bin Talal, was released from the Ritz-Carlton in Riyadh, which served as a prison for billionaires and princes since Saudi Arabia started its anti-corruption campaign in November.
The shares gained 10 per cent, the most since November 2014 and the maximum allowed in a day. The billionaire, who also owns stakes in Citigroup Inc. and Twitter Inc., returned home on Saturday after reaching a settlement with authorities, a senior government official said on condition of anonymity. He will remain at the helm of his company, the official said.
His departure from the hotel, along with other prominent Saudi businessmen, marks the end of the first phase of Crown Prince Mohammad Bin Salman's anti-corruption campaign. Hundreds of suspects were arrested or summoned for questioning, including some of the country's richest individuals. More than $100 billion is expected to accrue to the Saudi government from the settlements.
Kingdom shares rose to 10.04 riyals as of 10:52 am in Riyadh, but they are still more than 2 per cent below the level before Prince Al Waleed was arrested. The Tadawul All Share Index was little changed.
Clothing retailer Fawaz Abdulaziz Al Hokair & Co. also advanced after billionaire Fawaz Al Hokair was also released from detention. The stock advanced as much as 8.1 per cent, the most since November, before paring its gain to 6.6 per cent.
Gulf News
21/03/2018
Prince Al Waleed Bin Talal, just weeks after his release from detention in Riyadh's Ritz-Carlton, is hunting for deals again and planning to reshape his investment empire.
The prince, in hi
Gulf News
18/03/2018
Kingdom Holding Co is reviving talks to raise about $1bn in loans, weeks after its chairman Prince Alwaleed bin Talal was released from detention, people familiar with the matter said.
The
Gulf Times
09/03/2018
Kingdom Holding Company (KHC) has signed a smart city consulting agreement to design ICT infrastructure and smart services for Jeddah Tower and Jeddah Economic City Project on behalf of the Jeddah Ec
Arab News
| Ticker | Price | Volume |
|---|---|---|
| RIBL | 29.65 | 2,130,721 |
| ALDREES | 141.40 | 522,113 |
| EIC.ADX | 7.95 | 0 |
| GULFUNIONALAHLIA | 17.40 | 234,780 |
| ALSAGRINSURANCE | 18.92 | 1,214,603 |
| GULFGENERAL | 12.60 | 644,067 |
| MUTAKAMELA | 19.42 | 2,022,103 |
06/02/2025
Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom's
Arab News
05/02/2025
Al Rajhi Bank, a pioneer in innovative banking solutions in Saudi Arabia, has announced a strategic partnership with RATL Technology, the owner of Muhide fintech platform, to digitally empower and fi
Saudi Gazette
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
Financial Information Co.
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