x

Abu Dhabi, UAESunday 18 November 2018

Prince Alwaleed invests 1 billion riyals into music streaming company Deezer

Deal is first since being detained last year in Saudi Arabia's anti-corruption crackdown

Prince Alwaleed Bin Talal, Saudi billionaire and founder of Kingdom Holding Co, has invested 1 billion riyals into music streaming company Deezer. Photographer: Guy Martin / Bloomberg
Prince Alwaleed Bin Talal, Saudi billionaire and founder of Kingdom Holding Co, has invested 1 billion riyals into music streaming company Deezer. Photographer: Guy Martin / Bloomberg

Saudi billionaire Prince Alwaleed Bin Talal has invested 1 billion riyals (Dh979.3 million) into music streaming company Deezer, his first deal since being detained last year in an anti-corruption crackdown.

The prince’s Kingdom Holding investment vehicle and his media company Rotana Group have bought new shares in Deezer, according to a statement from Alwaleed’s office on Thursday. Deezer will also get access to Rotana’s audio and video content as part of the deal.

The investment marks a return to deal-making for the prince, who began the year confined to the Ritz Carlton hotel in Riyadh, which had been transformed into a prison for suspects in a graft probe.

Alwaleed was the most prominent among hundreds of Saudi businessmen, officials and princes who were swept up in November and detained in the Ritz-Carlton in what the authorities called a crackdown on corruption. He was released in January after signing a “confirmed understanding” with Saudi authorities, he told Bloomberg in March. Signing the document left him free to function normally with "zero guilt" and "zero conditions."

___________

Read more

Prince Alwaleed's Kingdom and Ashkenazy sue owner of New York Plaza Hotel

Alwaleed's Kingdom and partners to sell New York Plaza for $600m

Exclusive: Kingdom Holding said to be planning more hotel sales

___________

The last investment made by Alwaleed, who is ranked the 61st richest man and has a fortune of $16.8b (Dh61.7b), was the acquisition of a 16.2 per cent stake in Banque Saudi Fransi from Credit Agricole SA in September. Since his release, he has restarted talks with banks for a loan of at least $1b to fund new deals, and said he was considering spinning off some of the $13b in assets held by Kingdom Holding, potentially into a real estate investment trust.

Deezer abandoned an initial public offering in 2015 before raising 100 million euros in private equity in 2016.