The arrest of Saudi Prince Alwaleed bin Talal on corruption charges impacts the billionaire investor’s many business associates throughout the world.
Alexandra Stevenson, Anne Barnard, and Neil MacFarquhar report in the New York Times:
With the arrest of Prince Alwaleed bin Talal, the prominent billionaire investor, Saudi Arabia has touched one of the richest and most influential investors in the world.
Among Prince Alwaleed’s crown jewels: sizable stakes in Twitter, Lyft and Citigroup. He has gone into business with some of the corporate world’s biggest titans, including Bill Gates, Rupert Murdoch and Michael Bloomberg.
His investments span the globe, including the Four Seasons Hotel George V in Paris, the Savoy in London and the Plaza in New York. He has also invested in the AccorHotels chain and Canary Wharf, the London business development.
So vast are his investments that he has been referred to as the Warren Buffett of the Middle East.
Prince Alwaleed’s arrest is likely to reverberate across dozens of companies around the world that count the investment company that he founded, Kingdom Holding Company, as a major investor or shareholder.
The move was part of a sweeping and unprecedented roundup of at least 10 other princes, four ministers and dozens of former ministers, hours after the Saudi ruler, King Salman, decreed the creation of a powerful new anticorruption committee, led by his favorite son and top adviser, Crown Prince Mohammed bin Salman.
The arrests appeared to be Crown Prince Mohammed’s latest step to make good on his ambitious modernization plans and to further consolidate the remarkable degree of power he has amassed at age 32 over military, foreign, economic and social policies. His ascent and brash approach have angered some members of the royal family.
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