Saudi billionaire Prince Al-Waleed bin Talal was released on Saturday after nearly three months in detention following a “settlement” with authorities, as a sweeping anti-corruption campaign targeting the kingdom’s elite winds down. Prince Al-Waleed, dubbed the Warren Buffett of Saudi Arabia, was the most high-profile detainee among 350 suspects rounded up since November 4, including business tycoons and ministers, who were held in Riyadh’s luxury Ritz-Carlton hotel. The prince was released following an undisclosed financial agreement with the government, similar to deals that authorities struck with most other detainees in exchange for their freedom. “The attorney general this morning approved the settlement with Prince Al-Waleed bin Talal,” paving the way for his release, a government source said without disclosing figures. When asked whether the prince was still the head of his publicly listed Kingdom Holding Company, the source replied: “For sure.” A business associate confirmed to AFP that the tycoon had been released. The Saudi information ministry did not respond to requests for comment. Prince Al-Waleed is the latest in a series of high-profile detainees to be freed from the hotel, as the campaign launched by Crown Prince Mohammed bin Salman draws to a close. Authorities on Friday released media mogul Waleed al-Ibrahim, owner of influential Arab satellite network MBC. Ibrahim held a family gathering at his residence after his release, three MBC employees told AFP on condition of anonymity. The staff also received an official e-mail congratulating them on his freedom. $100 billion in settlements The Financial Times reported… [Read full story]
The Danang People's Committee signed a commitment with the Kingdom Hotels Investments (KHI), a Dubai-based hotel and resort investment company to build a luxury resort this year. Deputy Chairman of KHI's Asia Pacific Region pledged to invest in building a five-star resort in Danang. The resort will be initially capitalized with 60 million USD and will have about 150 VIP rooms and 15 villas and a high-end spa. KHI, under the management of Saudi Arabia's Prince Alwaleed bin Talal bin Abdulaziz Alsaud as Chairman, is now running a series of well-known five-star hotels such as Four Seasons, Movempick, and Fairmont.…... [read more]
Saudi Crown Prince Sultan bin Abdul Aziz has died, the palace announced Saturday, leaving his brother Prince Nayef the likely successor to the ailing King Abdullah at a time of Middle East turmoil. The crown prince, aged 80 according to government records, served as the oil kingpin's defence minister for nearly five decades but had been in the United States since mid-June for medical treatment. He was operated on in July. A half brother of King Abdullah, Sultan spent long periods abroad for undisclosed medical treatment. A Western diplomat, speaking to AFP on condition of anonymity, said Prince Sultan had…... [read more]
Saudi Arabia's Prince Saud al-Faisal, formerly the world's longest-serving foreign minister who oversaw four decades of turbulent diplomacy for the oil-rich kingdom, has died. A statement from the Royal Court said Prince Saud, who was born in 1940, died in the United States without giving the cause of death. Saudi Arabia's Prince Saud al-Faisal, who was the world's longest-serving foreign minister, has died, family members and a foreign ministry spokesman said Funeral prayers will be held on Saturday night in the Muslim holy city of Mecca for Prince Saud, who was one of the highest profile members of the kingdom's…... [read more]
Saudi Crown Prince Sultan bin Abdul Aziz has died, a palace announcement on state television said on Saturday, throwing his brother Prince Nayef into line to succeed King Abdullah as leader of the key oil producer. The crown prince, aged around 86, also the minister of defence and aviation, had been in the United States since mid-June for medical treatment. He was operated on in July but no information was released on his health conditions since then. A half brother of King Abdullah, Sultan had spent long periods abroad for health reasons. He died while the monarch himself, 87, remains…... [read more]
Saudi Arabian billionaire Prince Alwaleed bin Talal has said he will donate his entire $32bn (£20bn; €29bn) fortune to charity. Saudi Arabian billionaire Prince Alwaleed bin Talal (right) has said he will donate his entire $32bn fortune to charity – Illustrative image/Source: Alwaleed.com The 60-year-old nephew of King Salman is one of the world's richest people. He said he had been inspired by the Gates Foundation, set up by Bill and Melinda Gates in 1997. The money would be used to "foster cultural understanding", "empower women", and "provide vital disaster relief", among other things, he said. Mr Gates praised the…... [read more]
