Saudi Sovereign-Wealth Fund Buys Stake in Royal’s Funding Agency

Saudi Arabia’s sovereign-wealth fund purchased a stake Sunday in a agency owned by billionaire Prince al-Waleed bin Talal, additional intertwining the federal government with a high-profile investor who was as soon as detained by the state over corruption allegations.

The Public Funding Fund agreed to pay Prince al-Waleed $1.51 billion for 16.9% of Kingdom Holding Co., a determine primarily based on the closing worth on the final buying and selling day earlier than the transaction was introduced, in accordance with a submitting with the Saudi inventory trade.