Prince Alwaleed net worth falls $1.22 bln after his arrest

Saudi billionaire Prince Alwaleed bin Talal has lost nearly $1.22 billion (SAR 4.58 billion) following his arrest this week in the country’s anti-corruption crackdown, according to Bloomberg Billionaires Index.

Alwaleed, who owns 95 percent of Kingdom Holding Company (KHC), a Riyadh-based conglomerate with investments in hotels, real estate and equities, was among a dozen other influential Saudis arrested last Saturday. 

As per the Bloomberg Billionaires Index, Prince Alwaleed’s net worth fell from $19 billion on November 5, 2017, to $17.8 billion on November 6, 2017, when the share prices of KHC reached a 52-week low on the Saudi Stock Exchange (Tadawul), closing at SAR 9.50. The index, however, puts the year-to-date loss at $1.96 billion.

In a statement posted on Tadawul on Sunday, KHC stated it is operating as usual and remains “fully committed” to serving the interests of its clients and stakeholders, despite the arrest of Prince Alwaleed. However, share prices continued to decline, closing at SAR 9 on Sunday.

Earlier this week, KHC reported a net profit of SAR 592.9 million in the first nine months of 2017 from a net loss of SAR 320.4 million in the same period last year, driven by higher dividend yields and investment gains.

Prince Alwaleed, the grandson of first Saudi ruler and son of a finance minister, is known for several significant investments in top global companies, including Citi, Apple, Twitter, and Time Warner.