Saudi billionaire prince to sell 16.87% of firm to sovereign fund

Saudi billionaire prince to sell 16.87% of firm to sovereign fund

A Saudi billionaire detained in a 2017 anti-graft crackdown is to sell a 16.87-percent stake of his company to a sovereign wealth fund run by the kingdom’s crown prince, a statement said Sunday. The sale by Prince Al-Waleed bin Talal of 625 million shares of the Riyadh-headquartered Kingdom Holding Company is worth roughly $1.5 billion, … Read more

State investors help plug Saudi Arabia’s yawning deficit

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Saudi Arabia is increasingly relying on state-owned investors to finance itself amid the coronavirus pandemic, a strategy that raises questions about how exposed ordinary Saudis could be to a sovereign shock. The government-backed institutions – namely the pension fund and insurance agency – have seen their domestic debt holdings nearly double in the first six … Read more