Saudi billionaire Prince Alwaleed Bin Talal is to push ahead with a listing of Kingdom Holding Company, his main investment vehicle. The Times
Kingdom said yesterday it had won the approval of Saudi Arabia’s stock market authorities to proceed with the listing of the shares worth 3.15bn riyals, about 5% of the company, valuing it at 63bn riyals (£8.5bn).
As well as a 4% stake in Citigroup, the company’s sizeable stakes in global business also include holdings in Canary Wharf, hotels group Four Seasons and Disneyland Paris.
Prince Alwaleed, son of the founder of Saudi Arabia, King Abdul Aziz al-Saud, has been likened to a Saudi Warren Buffett for his shrewd investment style.
He is reported to have transformed an $800m investment in Citigroup into $10bn.
His Kingdom Hotel Investments owns properties managed by companies including Four Seasons and Fairmont.