Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received Mike Corbat, CEO of Citigroup, in his office in Riyadh on Tuesday. Corbat was accompanied by a delegation that included Atiq Ur Rehman, CEO MENA, Citigroup; Alberto Verme, CEO Europe, Middle East & Africa at Citigroup Inc.; and Carmen Haddad, managing director, Citi Private Bank. The meeting was also attended by Ahmed Halawani, executive director, Private Equity and International Investments; Shadi Sanbar, KHC’s executive director and CFO; Nada Al-Sugair, executive director, finance and administration; and Nahla Nasser Alanbar, private executive assistant to the prince.
Prince Alwaleed and Corbat discussed the latest developments in Citigroup and future plans of the company. Furthermore, the prince hosted a dinner in honor of Corbat and his wife at Kingdom Resort.
Prince Alwaleed has been a prominent investor in Citigroup through KHC since 1991 and is the largest single shareholder in the company. In January 2008, Prince Alwaleed participated in a $ 12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors. The Prince converted the preferred shares in 2009 into common shares (voting shares).
Founded in 1980, KHC is a publicly traded company that was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Gulf region and internationally. KHC’s portfolio has its major interests in investment categories ranging from luxury hotels and real estate to media and publishing, entertainment, finance and investment services, social media and technology, consumer and retail, petrochemicals, education, private equities, health care, aviation, and even agriculture. KHC is among the world’s largest and most diverse investors, with regional and international holdings in many key industries. KHC is recognized as one of the largest foreign investors in the United States.