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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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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