Saudi billionaire Prince Alwaleed Bin Talal invested greater than $500 million in Russian corporations within the days round Moscow’s invasion of Ukraine.
Prince Alwaleed’s funding agency, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, in keeping with a inventory trade submitting. Russia invaded Ukraine on Feb. 24.
No particular dates for the investments got, and the Saudi agency didn’t reply to questions on whether or not it nonetheless owned them. The worth of all these depositary receipts dropped quickly after the warfare started, when buying and selling in Moscow was halted and western sanctions had been imposed on Russia.
Alwaleed, whose grandfather was the founder of contemporary Saudi Arabia, is likely one of the nation’s richest males and most excessive profile worldwide traders. Extra not too long ago he has been eclipsed by the dominion’s sovereign wealth fund, chaired by his cousin, Crown Prince Mohammed bin Salman, which acquired a 16.9% stake in Kingdom Holding Co. in Might.
Prince Alwaleed was additionally detained on the Saudi capital’s Ritz-Carlton resort in 2017 together with different princes and authorities officers as a part of what the state known as an anti-corruption probe. No formal costs had been ever introduced, and he was launched after 83 days, having reached an undisclosed “confirmed understanding” with the federal government.
Kingdom Holding invested 1.37 billion riyals ($365 million) in Gazprom’s American depositary receipts in February, the largest stake of these disclosed thus far this 12 months. It additionally invested 196 million riyals in Rosneft’s international depositary receipts the identical month, and 410 million riyals in Lukoil’s American depositary receipts between February and March.
Kingdom Holding invested $3.4 billion in international equities and depositary receipts since 2020, based mostly on the submitting, a uncommon little bit of disclosure by the corporate. The most important stake was an funding valued at 2.5 billion riyals in Spain’s Telefonica SA between April to August 2020.
It additionally disclosed stakes in Uber Applied sciences Inc., TotalEnergies SE, Alibaba Group Holding Ltd. and BHP Group Ltd., acquired largely in 2020 and 2021. The newest deal it disclosed was a 178 million riyal stake in Hercules Capital Inc., made in June. The enterprise capital agency’s shares have risen 17% because the begin of July.
Prince Alwaleed, 67, grew to become one of many highest profile Saudi traders after taking stakes in firms comparable to Citigroup Inc. and Apple Inc. He’s supported Prince Mohammed’s modernization efforts, together with giving girls the appropriate to drive.
Extra not too long ago he’s introduced the sale of a stake in his Rotana Music label to Warner Music Group Corp., and he raised $2.2 billion by promoting a part of his stake within the 4 Seasons resort chain to Invoice Gates’ Cascade Funding LLC.
Alwaleed is thought for long-term investments and is a fan of famed investor Warren Buffett. He as soon as known as himself the Oracle of Omaha’s Arabian equal.
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