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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
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10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia