After purchasing shares from the wealthy prince for 1.69 billion Saudi riyals ($450 million), Kingdom Holding, the investment holding firm under the leadership of Prince Alwaleed bin Talal of Saudi Arabia, increased its ownership in Citigroup.
According to a regulatory document made to the Tadawul stock exchange, where its shares are listed, the investment company, which formerly owned 1.63% of Citigroup, now owns 2.2% of the international banking giant.
Kingdom Holding said in a brief market filing on Wednesday that the most recent acquisition “supports the company’s strategic plans,” but it did not disclose any other information.
The corporation, which is mostly owned by Prince Alwaleed, operates in the following industries: real estate, transportation, social media, aviation, banking and financial services, e-commerce, education, hotel management, health care, and real estate.
It owns interests in a number of businesses, including ride-sharing services Uber, Careem, and Lyft; hotel chains Four Seasons and Accor; Flynas; Nasjet; Bank Saudi Fransi; Deezer; and JD.com.
The business also has a sizable interest in social networking startup X, now known as Twitter, along with Prince Alwaleed.
According to the company’s website, Kingdom Holding and its chairman together accounted for a significant portion of X’s shareholding in October 2015, having first acquired shares in 2011.
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