Kingdom gains most since 2014 after Al Waleed is freed

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.


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