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Thu 1 Feb 2018 05:02 PM

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Prince Alwaleed returns to work following release from detention

CEO of Kingdom Holding pays tribute to Saudi billionaire

Prince Alwaleed returns to work following release from detention
Prince Alwaleed pictured in his office in Kingdom Tower in Riyadh.

The board of directors of Kingdom Holding Company (KHC) has welcomed back its chairman, Prince Alwaleed bin Talal bin Abdulaziz Al Saud, following his release from detention in an anti-corruption crackdown in Saudi Arabia.

Talal Almaiman, CEO of KHC, also praised the "superb performance and unwavering support" of the company's executive team and KHC staff during the time of the detention.

Cheering supporters greeted Saudi billionaire Prince Alwaleed when he arrived at his skyscraper offices in Riyadh this week.

Online footage showed Prince Alwaleed waving from a luxury car in a convoy trailed by police, and then walking inside with his private physician.

In the first few days after his detention, the share price of Kingdom Holding plunged 23 percent but after a jump this week, the stock has regained almost all that it lost.

Almaiman said in a statement: "We are very pleased to welcome back Prince Alwaleed to continue his important work as chairman of Kingdom Holding Company. I would like to thank His Royal Highness and KHC’s Board of Directors for the trust they have placed in the management team of this great company to deliver on our commitment to create premium value through KHC’s investment strategy.

"We are also proud to have great partners who continue to support us in reaching our investment goals and strong returns for KHC shareholders.”

He added that the strategy of Kingdom Holding continues to be to create strong investor appeal and a business environment in Saudi Arabia.

Saudi Arabia's attorney general said on Tuesday that settlement deals had secured just over $100 billion from members of the elite.

Dozens of top officials and businessmen were detained in the crackdown, many of them confined and interrogated at Riyadh's opulent Ritz-Carlton Hotel.

Well over 100 detainees are believed to have been released with more than 50 still in custody.

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