On November 4, 2017, Saudi Arabia carried out mass arrests of princes, current and former government officials, and prominent businesspeople. For several months, they were held at the five-star Ritz Carlton Hotel in Riyadh and forced to surrender assets in exchange for their freedom outside the lawsuit.
The founder of Kingdom Holding Company was also taken into custody. After that, KHC shares fell sharply in price, and the prince’s fortune fell by USD 2,1 billion.
Six months after Prince Al-Waleed freed from arrest, he announced the deal with the French music company Deezer of USD 270 million. Deezer’s investment is KHC founder’s first major international deal since his arrest.
Under the terms of the deal, the Prince will receive shares of Deezer in exchange for exclusive audio and video content from the Saudi – controlled media company Rotana Group. In his statement, Prince Al-Waleed said that the deal was one of many excellent investments.
Since his release from custody, the founder of Kingdom Holding Company has made every effort to establish a cordial relationship with Saudi officials. In February 2019, it announced the USD 500,000 investment in local football clubs.
In the future, Kingdom Holding Company is primarily interested in investing in media and technology: their potential partners in the transaction are Netflix or Amazon.
In April 2019, Kingdom Holding announced a profit growth of 19.83% in the first quarter of 2019, amounting to 171,4 million riyals.
KHC attributes the growth in its profits to increased return on investment and lower operating costs.
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