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Investment uncertainty

Reuters
Tuesday, November 07, 2017

THE detention of Saudi Arabia's Prince Alwaleed bin Talal, known for his big bets on Citigroup (C.N) and other top Western companies, could have an impact on billions of dollars of investments around the world.

For many foreigners, Prince Alwaleed - whose net worth has been estimated by Forbes magazine at $17 billion - is the face of Saudi business, appearing frequently on international television and in articles on his investments and lifestyle.

A 2013 Forbes magazine profile described his marble-filled, 420-room Riyadh palace, a private Boeing 747 equipped with a throne, and his 120-acre resort on the edge of the Saudi capital with five homes, five artificial lakes and a mini-Grand Canyon.

He is also known for his outspoken views on politics - making headlines in 2015 when he called Donald Trump a "disgrace" on Twitter during the US election campaign.

Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.








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