Prince Alwaleed bin Talal said he is likely to restructure his investment vehicle since his release in January from detention in Saudi Arabia’s crackdown on corruption. In an interview with Bloomberg released on Tuesday, the renowned investor said he would probably split the $13bn Kingdom Holding Company’s by spinning off domestic property holdings and other assets into another entity, possibly a real estate investment trust, or REIT.
The 63-year-old was the most recognisable figure hauled into Crown Prince Mohammed bin Salman’s dragnet purge against princes, businessmen and bureaucrats who were held at Riyadh’s luxury Ritz Carlton hotel. Many of the hundreds of detainees and witnesses have signed settlement agreements with the authorities to settle corruption charges and avoid the threat of trial. Prince Alwaleed said he wanted to use the interview to reassure investors that his business was operating normally, describing it as “business as usual.”
Asked whether he still controls KHC, he said the Riyadh Tadawul stock exchange would confirm that he retains his 95 per cent stake in the investment vehicle. He did not outline the “confidential” details of his release, but described the signed document as a “confirmed understanding” with the government that allowed him to function with “zero guilt” and “zero conditions.” Some bankers have expressed concern about their business relationships with the prince in light of his release from the Ritz Carlton, saying compliance departments need assurance about ownership of Kingdom Holding.