NEWS
01/28/2018 00:41 EST | Updated 01/28/2018 01:00 EST

Freed Saudi prince's Kingdom Holding firm climbs 10 per cent

RIYADH, Saudi Arabia — Stocks in Saudi Prince Alwaleed bin Talal's investment firm have surged a day after he was released from detention in connection with an anti-corruption campaign.

The billionaire prince is one of the world's wealthiest people, with investments in several major firms, including Citigroup, Lyft, Twitter and international hotel chains. He is chairman of Kingdom Holding Company, which was trading 9.97 per cent higher Sunday on the Saudi Tadawul stock exchange.

The prince's associates say he was freed Saturday after more than 80 days in detention at the luxurious Ritz-Carlton in Riyadh. Dozens of high-profile detainees were held there in connection with the anti-corruption sweep that began in early November.

Most detainees have since been released after agreeing to hand over substantial financial assets to the government.