iPhone | iPad
Android
Huawei
Adnoc will pay up to $1.195 billion, along with up to $4.18 million in applicable interest
KT APPDOWNLOAD
Saudi prince made $500m Russia bet at start of Ukraine war
Kingdom Holding in February invested in global depository receipts of Gazprom and Roseneft worth SR1.37 billion ($365 million) and SR196 million ($52 million), respectively
Prince Alwaleed bin Talal rose to international prominence after making a big successful bet on Citigroup Inc in the 1990s and he was an early investor in Apple Inc. — File photo
Saudi Arabia’s Kingdom Holding Company, the investment firm controlled by billionaire Prince Alwaleed bin Talal, quietly invested more than $500 million in three major Russian energy companies between February and March, regulatory filings showed.
By investing in Gazprom, Rosneft and Lukoil, Kingdom was likely seeking undervalued assets, but its move came as many Western nations imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on February 24.
Saudi Arabia and other Gulf states have so far tried to maintain what they say is a neutral position on the war in Ukraine, frustrating some Western officials who have sought to isolate Russia over the invasion.
Kingdom in February invested in global depository receipts of Gazprom and Roseneft worth SR1.37 billion ($365 million) and SR196 million ($52 million), respectively.
The firm also invested SR410 million ($109 million) in Lukoil’s US depository receipts between February and March, filings showed on Sunday as part of a lengthy disclosure of recent investments. It gave no reason for any of its specific investments.
Kingdom Holding, which is 16.9 per cent owned by Saudi Arabia’s sovereign wealth fund chaired by crown prince Mohammed bin Salman, had not previously revealed the details of its investments.
Prince Alwaleed bin Talal rose to international prominence after making a big successful bet on Citigroup Inc in the 1990s and he was an early investor in Apple Inc.
The prince has also made hundreds of millions of dollars by investing in companies such as Uber Technologies Inc to Twitter Inc.
Alwaleed’s investment style has focused on new opportunities that could be lucrative but carry risk, as well as looking at undervalued assets, a source with knowledge of Kingdom’s business said in June.
Saudi Arabia and Russia lead the Opec+ group, an alliance formed in 2017 between the Organisation of the Petroleum Exporting Countries (Opec) and allied producers.— Reuters
More news from
Italian coach praises his team who 'gave their all' to secure victory in a pulsating Champions League quarter-final on Wednesday
With hundreds of vehicles abandoned on the road and motorists assessing their cars, fear mounts of further damage
Manchester City's dream of becoming the first team in history to claim the three titles in back-to-back years falls to pieces in penalty shootout loss
After an absence of nearly 850 days, the popular game is bringing back the cosmetic skin to its shop
At the event, a documentary showcased Bangabondhu Sheikh Mujibur Rahman's visit to the UAE in 1974 and his meetings with Sheikh Zayed Al Nahyan
The popular game offers players the chance to obtain three exclusive items for free
The latest update for the game addresses concerns over the MORS sniper rifle's excessive wall penetration
