13 / December / 2019

Detained Saudi prince with Armenian roots selling his assets

Saudi Arabian investment firm Kingdom Holding has sold its stake in the Four Seasons Hotel in Beirut for around $100-115 million including debt, sources told Reuters on Monday.

One source said the buyer is a Saudi businessman of Lebanese origin and the deal was done in December.

Sources have told Reuters the hotel had been up for sale for a long time and was not linked to the detention in November of Kingdom Holding’s billionaire chairman, Prince Alwaleed bin Talal—who has Armenian roots, in a Saudi government anti-corruption drive.

Another Lebanese source confirmed the sale and said Beirut’s Movenpick hotel—in which Kingdom also has a stake—is also in the process of being sold. Negotiations with a potential buyer have begun, the source said.

Prince Alwaleed, a prominent Saudi investor whose net worth has been estimated by Forbes magazine at $17 billion, was one of several princes, ministers and former ministers detained in the Saudi government crackdown.

Detained for over two months, he is currently negotiating a possible settlement with authorities.

Aside from Kingdom Holding, Prince Alwaleed holds stakes in several big international firms including Citigroup, Twitter, ride-hailing firm Lyft, and Time Warner.

• Bloomberg: Saudi Prince Al-Waleed lost over $1 billion in 2 days after arrest

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