Kingdom Holding, a Saudi company controlled by Prince Alwaleed bin Talal, invested more than half a billion dollars in three major Russian energy companies between February and March, according to financial documents seen by Reuters.
Analysts believe that by investing in Gazprom, Rosneft and Lukoil, the Saudi prince bet on shares of companies he considered undervalued, and this came after Western countries imposed sanctions on the Russian economy due to the outbreak of war in Ukraine on February 24.
Saudi Arabia and other Gulf states have so far tried to maintain what they say is a neutral stance on the war in Ukraine, frustrating Western officials who have sought to insulate Russia from its unprecedented aggression in Europe since the end of World War II.
An investigation published by Bloomberg last week shows that Russian oil is entering Saudi Arabian ports after being “laundered” at a little-known oil terminal in Egypt. Once in Saudi Arabia, Russian oil can reach the countries of the world.
Investments of the Saudi prince in Russian companies
Kingdom Holding invested $365 million and $52 million in Gazprom and Rosneft, respectively, and $109 million in Lukoil.
The investment was disclosed in the latest financial statements filed by the company. Kingdom Holding is 16.9% owned by Saudi Arabia’s sovereign wealth fund, which is headed by Crown Prince Mohammed bin Salman.
As for Prince Alwaleed bin Talal, he rose to international prominence after making a hugely profitable bet on Citigroup in the 1990s, and was one of Apple’s early investors.
The Saudi prince has also made hundreds of millions of dollars through investments in companies such as Uber and Twitter.
Source: Hot News RO
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