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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

KSA's Alwaleed to sell 16.87% of Kingdom Holding to PIF

  • By Al Mayadeen English
  • Source: Agencies
  • 22 May 2022 12:08
2 Min Read

Public Investment Fund (PIF) is to purchase 625 million shares for 9.09 riyals ($2.42) per share.

  • x
  • KSA's Alwaleed to sell 16.87% of Kingdom Holding to PIF.
    KSA's Alwaleed to sell 16.87% of Kingdom Holding to PIF

Saudi billionaire Prince Alwaleed bin Talal has agreed to sell 16.87% of his investment firm Kingdom Holding Co (4280.SE) to Saudi Arabia's strong national wealth fund, the company announced on Sunday.

Kingdom Holding announced in a stock exchange filing that the Public Investment Fund (PIF) will purchase 625 million shares for 9.09 riyals ($2.42) per share for a total of 5.68 billion riyals ($1.51 billion).

The agreement's share price was where the stock closed on Thursday, its lowest level in a year. In early trade on Sunday, it rose more than 6% to roughly 9.7 riyals.

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According to the corporation, the transaction will take place on Saudi Arabia's stock exchange, Tadawul, on Sunday. Prince Alwaleed, one of the kingdom's most prominent corporate heavyweights, will maintain a 78.13% interest.

The PIF, which oversees over $600 billion in assets, is essential to Crown Prince Mohammed bin Salman's ambitious plan to diversify Saudi Arabia's economy away from oil.

Saudi royals selling valuables as MBS makes power play

Last month, according to a report by The Wall Street Journal, Saudi princes have sold $600 million worth of real estate, yachts, and artwork since Mohammad bin Salman has attempted to further consolidate power by cutting off their access to money.

MBS, Saudi Arabia's de facto ruler, has dried up the Saudi royals' sources of money under the pretense that they have "extraordinary spending habits" they have to maintain, but this could very much be an extension of the 2017 Ritz-Carlton power play.

Some of those currently liquidating assets, including  Alwaleed bin Talal, were detained in Riyadh's Ritz-Carlton hotel in 2017, in what was called by critics as a shakedown, whereby the royals wishing to leave had to sign over large sums of their belongings to the Crown Prince.

  • Alwaleed Bin Talal
  • Public Investment Fund
  • Saudi Arabia

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