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In November 2017, there were mass arrests of princes, government officials, and famous businessmen in Saudi Arabia due to suspected corruption. After the arrest, everyone was taken to the five-star Ritz Carlton hotel in Riyadh and kept there for several months, forcing them to surrender their assets in exchange for freedom outside the lawsuit.
The founder of Kingdom Holding Company was also detained. After it became known to the general public, the company’s shares collapsed, and the prince’s income fell $ 2.1 billion.
The first significant international transaction after the conclusion of the founder of KHC took place six months later. It was concluded by the Kingdom Holding Company and the French music company Deezer. $ 270 million was invested in the company.
The terms of the deal on the part of the government are as follows: the prince receives Deezer shares in exchange for unique content from his Saudi media company Rotana Group. Al-Walid said the agreement is one of the few excellent investments after the arrest.
From the time he was released, the founder of Kingdom Holding Company has been working hard to create a peaceful relationship with the Saudi government, which is suspicious and not very friendly about investing abroad. In this connection, in 2020, he plans to invest more in the development of his state, and in 2018 announced investments of 500 thousand dollars in local football clubs.
But in reality, the prospects of the Kingdom Holding Company are significant investments in new media and technologies, such as Netflix and Amazon, which are their potential partners.
Not even a few years after the damaged reputation, as early as in the first quarter of 2019, Kingdom Holding reported a profit that increased by 19.83%, which amounts to 171.4 million riyals. In its reports, KHC explains revenue growth only: return on investment and lower operating expenses.
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