Prince Alwaleed's release likely to reassure investors

London

KINGDOM Holding Co surged after its chairman, Prince Alwaleed bin Talal, was released from the Ritz-Carlton in Riyadh, which served as a prison for billionaires and princes since the nation started its anti-corruption campaign in November. The shares gained 10 per cent, the most since November 2014 and the maximum allowed in a day. The billionaire, who also owns stakes in Citigroup Inc and Twitter Inc, returned home on Saturday after reaching a settlement with authorities, a senior government official said on condition of anonymity. He will remain at the helm of his company, the official said.

His departure from the hotel, along with other prominent Saudi businessmen, marks the end of the first phase of Crown Prince Mohammed Bin Salman's anti-corruption campaign. Hundreds of suspects were arrested or summoned for questioning, including some of the country's richest men. The government expects to reap more than US$100 billion from settlements with detainees in exchange for their freedom.