In October, she accused Marcos of incompetence and said she had imagined cutting the president's head off
asia3 hours ago
A Saudi billionaire detained in a 2017 anti-graft crackdown is to sell a 16.87 per cent stake of his company to a sovereign wealth fund run by the kingdom’s crown prince, a statement said on Sunday.
The sale by Prince Alwaleed bin Talal of 625 million shares of the Riyadh-headquartered Kingdom Holding Company is worth roughly $1.5 billion, according to a regulatory filing published by the Saudi stock exchange, or Tadawul.
The company owns the famed George V hotel in Paris and has a majority stake in The Savoy in London, according to a breakdown of its portfolio on its website.
Alwaleed, once dubbed the Warren Buffett of Saudi Arabia, strugglled to recover his political and financial standing in the kingdom after he was targeted and detained in a crackdown on alleged corruption in 2017.
He was rounded up with more than 300 other prominent Saudis in the anti-graft campaign and held at the Riyadh Ritz-Carlton.
Critics have said the move was a power grab by Alwaleed’s cousin Crown Prince Mohammed bin Salman, who had been named heir to the throne just a few months earlier.
In January 2018, Alwaleed was freed, gaunt but seemingly unharmed, after nearly three months in detention.
He declared the ordeal a misunderstanding that had been cleared up, as news swirled that he had reached an undisclosed financial settlement with authorities in return for his freedom.
Crown Prince Mohammed is chair of the sovereign wealth fund, known as the Public Investment Fund, which is at the heart of Saudi Arabia’s efforts to end its reliance on oil.
More recently, Alwaleed has sparred with Tesla and SpaceX CEO Elon Musk over his bid to buy Twitter.
When Musk unveiled his bid in April, Alwaleed was among the investors who spoke out against it, saying it did not reflect Twitter’s “intrinsic value... given its growth prospects”.
But in early May, Alwaleed changed his tune, with a filing saying he had agreed to contribute about 35 million Twitter shares worth $1.9 billion so as to retain a stake in the company post-acquisition.
The Twitter bid has since been put on hold as Musk demands proof of the number of Twitter spam accounts. — AFP
In October, she accused Marcos of incompetence and said she had imagined cutting the president's head off
asia3 hours ago
President Subianto's aircraft was met by a ceremonial escort of military jets upon entering UAE airspace
uae3 hours ago
The event encouraged participants to engage in physical fitness and social interaction
uae3 hours ago
These diverse exhibitions promise to provide meaningful insights into the country's rich cultural heritage, offering something for visitors to enjoy
uae4 hours ago
The Dubai-born golfer will next compete for a coveted PGA Tour card at next month's Final Stage in Florida
sports4 hours ago
'These modern features are designed to improve traffic and security operations, elevate fieldwork quality, ensure high responsiveness', a top official said
transport4 hours ago
The night market is located near major hotels in Deira, and visitors can also enjoy free entertainment from different Filipino singers and comedians
uae5 hours ago
It will be humid by night and Sunday morning with a probability of fog or mist formation over some internal areas
weather6 hours ago