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Saudi sovereign wealth fund PIF takes stake in Kingdom Holding Company

The Saudi sovereign wealth fund has acquired a $1.5 billion stake in Kingdom Holding Company (KHC), an investment company owned by Saudi billionaire Prince al-Waleed bin Talal.

Following the deal, the Public Investment Fund (PIF) will own 16.9% of KHC while Prince Alwaleed will retain a 78.1% stake.

The remaining 5% of the stock will remain listed on the Saudi Stock Exchange.

KHC CEO Talal Al-Maiman said the deal was in line with the Saudi PIF’s strategy to invest in well-known companies around the world.

The agreement reflects KHC’s strength and importance as a pioneer with its local, regional and global investments, he said.

KCH invests in 18 sectors across six continents with assets exceeding $13.3 billion (SAR 50 billion).

Alwaleed is said to be a high profile Saudi investor with stakes in companies such as Citigroup and Apple.

He was detained by the state over corruption allegations in 2017 and was later released, according to a Bloomberg report.

He has invested around $270 million in music streaming service Deezer. Last year, he sold a stake in his Rotana Music label to Warner Music Group Corp.

He also sold part of his stake in the Four Seasons hotel chain to Bill Gates’ Cascade Investment for $2.2 billion.

Alwaleed would also have a stake in Twitter.

Removals to Saudi Arabia by other companies

Recently, Northern Trust appointed Kholoud Al Dosari to lead the company in Saudi Arabia to oversee the strategic development, business growth and operations of the company’s asset management business in the country. This

In February, Deutsche Bank reportedly hired a three-person Geneva-based team from rival Credit Suisse to serve ultra-wealthy clients in Saudi Arabia.

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