Saudi firm invests more than $500 million in Russian energy companies this year

Saudi company Kingdom Holding, which was founded by Prince Alwaleed bin Talal, invested more than $500 million in Rosneft, Lukoil and Gazprom during the first quarter of this year, the Saudi firm said on Twitter on August 14.

From February 22 to March 22 the Saudi company bought Gazprom’s American depositary receipts worth about $365 million, Lukoil’s ADRs worth about $109 million and Rosneft’s global depositary receipts valued at about $52 millon, according to TASS.

Prince Alwaleed bin Talal is a nephew of the incumbent Saudi king and also owns stakes in Four Seasons, Citigroup, Twitter, 21st Century Fox, and the Walt Disney Company. He also owns several hotels in Paris and New York.