Kingdom Holding Company, led by Saudi Prince Alwaleed Bin Talal, has increased its ownership in Citigroup Inc (NYSE:C). to 2.2% after purchasing additional shares worth $450 million from the prince's personal assets. This move up from a previous stake of 1.63% represents a further commitment by one of the financial giant's most prominent shareholders since his initial $590 million investment in 1991. Prince Alwaleed, who has been a vocal supporter of Crown Prince Mohammed bin Salman's modernization efforts, including the campaign for women's driving rights in Saudi Arabia, has reinforced his confidence in the direction of both Citigroup and the country's progressive policies.
Prince Alwaleed's Kingdom Holding remains a significant player in the global market with interests in several major companies, including Twitter Inc (NYSE:TWTR). The firm had previously backed Elon Musk's bid to acquire the social media platform. Despite experiencing a high-profile detainment at Riyadh's Ritz Carlton hotel during an anti-corruption drive, where no formal charges were disclosed, Alwaleed was released after reaching a "confirmed understanding." The details of the agreements following his release have not been made public; however, the Saudi government's trust in Alwaleed's business acumen is evident from the sovereign wealth fund's substantial $1.5 billion investment in Kingdom Holding. The company is listed on the Saudi bourse and is predominantly owned by Prince Alwaleed himself.
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