Just two days after he was released from months of detention, Saudi Prince Alwaleed bin Talal was driven in a caravan of cars to Riyadh’s Kingdom Centre, the 99-story building where his investment firm Kingdom Holding Co. is headquartered. Seen in a video shared with Forbes, the prince is issued a warm welcome by dozens of clapping Saudis — likely employees from inside the building — who lined the road.
Four cars entered the gated drive to the Kingdom Centre entrance — three black SUVs and a gray and white Toyota FJ Cruiser, the video shows. Two of those cars, a source tells Forbes, contain undercover police — a sign that Alwaleed’s movements are being closely tracked by the government. Alwaleed’s palatial 490-room home in Riyadh is also surrounded by extra security, according to the source.
Alwaleed, a prominent billionaire investor, was released on Saturday after nearly three months’ detention in the city’s Ritz Carlton hotel. He had been arrested on Nov. 4 as part of an anti-corruption crackdown. In an interview with Reuters hours before his release, the prince emphasized there were no charges against him and that his assets were not being transferred.
However, Saudi government sources told several media outlets that a settlement was reached and one source with knowledge of the settlement told Forbes that nearly all the Prince’s assets were transferred. Another source who knows Kingdom Holding well told Forbes: “I’m 100% sure he gave up a big chunk of everything [he owns].”
Shares of Saudi-listed Kingdom Holding rose nearly 2.5% in trading on Monday. Alwaleed is still listed on the Saudi stock exchange website as owning 95% of the company, which has investments in Lyft, Twitter, Citigroup and other companies.
