By Alexander Miller, consultant in energy markets – Eurasia Business News, August 14, 2022
Saudi Prince Alwaleed bin Talal’s investment firm Kingdom Holding invested more than $500 million in Gazprom, Rosneft and Lukoil in the spring of 2022, according to data released by the company.
Kingdom Holding Company has invested 1.37 billion Saudi riyals ($365 million) in U.S. depositary receipts issued by Gazprom in February and approximately 196 million Saudi riyals ($52 million) to global depositary receipts issued by Rosneft. In addition, the Saudi firm invested approximately 410 million riyals ($109 million) in U.S. depositary receipts of Lukoil from February to March 2022.
Prince Alwaleed bin Talal, the nephew of the current King of Saudi Arabia, Salman bin Abdulaziz Al Saud, is one of the richest men in the kingdom. He is the grandson of two historical figures in the Arab world: King Abdelaziz al-Saud, founder of Saudi Arabia, and Riad al-Solh, the first head of government in Lebanon’s history.
Prince Alwaleed bin Talal owns several hotels in London, Paris and New York. In 2004 he supported Microsoft’s expansion into Saudi Arabia. In June 2021, Bloomberg estimated the fortune of Al-Walid ibn Talal at $ 19.1 billion. Over the past decade, he has cultivated the image of a cunning investor, a supporter of a modernization of Saudi Arabia. The Saudi Prince had appeared as a critic of US President Donald Trump.
A new ally of Elon Musk, to whom he brought, in early May 2022, the $ 1.9 billion he owns in Twitter, the social network that the American billionaire wants to acquire, the Saudi prince Al-Walid also returns to grace in his country. While he was detained in three months in 2017 with other Saudi princes by his cousin Mohammed bin Salman, a strongman of the kingdom, the Prince Al-Walid has just sold, for $ 1.5 billion, 16.87% of his group (Kingdom Holding Company) to the sovereign wealth fund of Saudi Arabia. This is a good deal for the Prince. It also shows that his relationship with MBS has improved and that the kingdom will not oppose him in his work. Released in January 2018, the Saudi billionaire had since repeated the gestures of allegiance in favor of the crown prince, including by showing his support for the policy of economic diversification, Vision 2030, supposed to get the country out of its dependence on oil.
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