Saudi Arabia’s sovereign-wealth fund has purchased a $1.5bn stake in Kingdom Holding Company (KHC), an investment firm owned by Saudi Arabia’s billionaire Prince al-Waleed bin Talal.

Following the deal, The Public Investment Fund (PIF) will own 16.9% of KHC while prince Alwaleed will retain a 78.1% holding.

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The remaining 5% of the stock will remain listed on the Saudi bourse.

KHC CEO Talal Al-Maiman said the deal is in line with the strategy of the Saudi PIF to invest in renowned companies around the world.

The deal reflects the strength and prominence of KHC being a pioneer with its local, regional and global investments, he said.

KCH invests across 18 sectors across the six continents with assets exceeding $13.3bn (SAR50bn).

Alwaleed is said to be a high profile Saudi investor with stakes in companies including Citigroup and Apple.

He was detained by the state over corruption allegations in 2017 and was later released, according to a Bloomberg report.

He invested about $270m in music streaming service Deezer. Last year, he sold a stake in his Rotana Music label to Warner Music Group Corp.

He also sold a part of his stake in the Four Seasons hotel chain to Bill Gates’ Cascade Investment for $2.2bn.

Alwaleed is also said to own a stake in Twitter.

Moves in Saudi Arabia by other firms

Recently, Northern Trust named Kholoud Al Dosari as the country head for the firm in Saudi Arabia to oversee the strategic development, business growth and operations of the firm’s asset servicing business in the country. This

February, Deutsche Bank reportedly hired a Geneva-based team of three from rival Credit Suisse to serve its ultra-rich clients in Saudi Arabia.