Kingdom Holding Company, controlled by billionaire Prince Alwaleed Bin Talal, has increased its ownership in Citigroup Inc (NYSE:C) to 2.2% following a $450 million share purchase. This move strengthens the company's extensive investment portfolio, which already includes high-profile ventures such as Uber (NYSE:UBER) and X (formerly known as Twitter).
The recent acquisition, announced today, is part of Kingdom Holding's ongoing strategy to diversify its holdings and capitalize on lucrative opportunities. Prince Alwaleed, often likened to Warren Buffett due to his astute investment decisions, has a history of making profitable early investments, notably in Apple (NASDAQ:AAPL). His reputation for shrewd investing has brought him international recognition.
Despite selling a 16.87% stake of Kingdom Holding to the Public Investment Fund last year, Prince Alwaleed remains the major shareholder with a 78.1% stake. The remaining shares of the company are traded on the Saudi stock exchange, comprising a small 5% of the total.
The relationship between Prince Alwaleed and Citigroup dates back to 1991 when he made an initial investment of $590 million. His support for Crown Prince Mohammed bin Salman's modernization efforts, including advocating for women's driving rights, has been notable, especially following a detention period that ended with what was described as a "confirmed understanding" upon his release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.