AP NEWS

Firm of detained Saudi prince seeks to reassure investors

November 6, 2017

FILE - In this Feb. 4, 2014 file photo, Saudi billionaire Prince Alwaleed bin Talal, waves as he arrives at the headquarters of Palestinian President Mahmoud Abbas in the West Bank city of Ramallah. Saudi Arabia has arrested dozens of princes and former government ministers, including a well-known billionaire with extensive holdings in Western companies, as part of a sweeping anti-corruption probe, further cementing King Salman and his crown prince son's control of the kingdom. A high-level employee at Prince Alwaleed bin Talal's Kingdom Holding Company told The Associated Press that the royal was among those detained overnight Saturday, Nov. 4, 2017. (AP Photo/Majdi Mohammed, File)

RIYADH, Saudi Arabia (AP) — The company chaired by a detained Saudi billionaire prince is seeking to reassure investors after its stock plunged following his arrest in a purported corruption sweep.

Prince Alwaleed bin Talal’s Kingdom Holding Co. said in a statement Monday that it has the government’s “vote of confidence” as it pursues its investment strategy and global business operations.

Prince Alwaleed is chairman of the company, which has investments in Twitter, Apple, Lyft, Citigroup and hotel chains like the Four Seasons, Movenpick and Fairmont.

CEO Talal al-Maiman says the company, which manages more than $12.5 billion of investments around the world, is focused on its “unwavering responsibilities” to shareholders.

The company, which lost 7.5 percent in trading Sunday, made no reference its chairman’s arrest.

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