Riyadh: Saudi Arabia embarked on an anti-corruption purge on Sunday involving the arrest of royals, ministers and investors including billionaire Alwaleed bin Talal, one of the kingdom’s most prominent businessmen.
The Saudi Prince was in the news for all the good reasons too in 2015 he announced that he will donate his entire $32 billion fortune to charity under Alwaleed Philanthropies as part of a pledge.
Alwaleed Philanthropies (formerly the Al Waleed bin Talal Foundation”) is a charitable and philanthropic organization founded by Al-Waleed bin Talal and Princess Ameerah with a mission to help alleviate suffering and transcend international borders globally. The foundation has established centers and programs at institutions of higher education around the world.
The goals of the foundation-Saudi Arabia are residential projects, social empowerment of women through education’ medical, health and social assistance;humanitarian assistance, and national charities. The goals of the foundation in Lebanon include medical and health assistance, social assistance (orphanages, rest houses), educational assistance (supporting and building schools, universities), development assistance (economic infrastructure including agricultural). Leila Al Solh is the vice-chairwoman of the foundation in Lebanon since its inception in 2003.
Alwaleed Philanthropies has established centers and programs at institutions of higher education around the world, all devoted to the promotion of better mutual understanding between the Islamic World and the West and has established centers for study at Harvard University, Georgetown University, University of Edinburgh, University of Cambridge, American University of Beirut and the American University in Cairo.
Eleven princes, four ministers and tens of former ministers were detained, two senior officials told Reuters.
Prince Alwaleed is a nephew of the king and owner of investment firm Kingdom Holding Co .
The following is a list of entities in which he has holdings either through personal investment or via Kingdom Holding:
• Banque Saudi Fransi: 16.19%
• Citigroup, *ownership percentage not known
• Apple Inc: 5%
• Motorola Solutions Inc
• Twitter Inc: 4.9%
Consumer and retail
• EBay Inc
• Fashion Village Trading Company
• Jingdong (JD.com): 2.2%
• Saks Incorporated
• Savola Group Company
• Time Warner Inc
• Twenty-First Century Fox Inc: 4.98%
• News Corp: 1%
• Euro Disney
• National Industrialisation Company: 6.23%
• Parent company of Flynas: 34.08%
• Kingdom Schools
• Medical Services Projects Company
• Kingdom Africa Management
Hotel Real Estate
• Four Seasons, George V Hotel, Paris
• The Plaza, New York
• Savoy Hotel, London
Hotel Management Companies
• Fairmont Raffles Holding International
• Four Seasons Hotels and Resorts
• IFA Hotels and Resorts Co
• Kingdom Hotel Investments
• Mövenpick Hotels and Resorts
• Ballast Nedam
• Canary Wharf (Songbird Estates)
• Jeddah Economic Company
• Kingdom Centre
• Kingdom City
• Kingdom Riyadh Land
(Source: Kingdom Holding website, Tadawul website, Reuters, Securities and Exchange Commission filings)