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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 |
|---|
| Ticker | Price | Change |
|---|---|---|
| OSOUL | 147.00 | -6.00 (-3.93 |
| BAYANINV | 58.70 | -2.80 (-4.56 |
| GFC | 132.00 | -4.00 (-2.95 |
| TADAWULGROUP | 190.60 | -2.00 (-1.04 |
| ALBAHA | 4.05 | 0.18 (4.65 |
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
28/04/2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025.
For the first three months
Saudi Gazette
28/04/2025
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics.
Revenues for the first quarter reached SR19,210 mill
Saudi Gazette
28/04/2025
Arab Bank Group has reported solid results for the first quarter of 2025, with 7 % increase in net income after tax reaching $ 271 million, compared to $252.8 million for the same period last year.
Trade Arabia
28/04/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has cemented its position as a regional leader in industrial innovation by becoming the first aluminium smelter in the Mid
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia