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Prince Alwaleed increased his stake in Citigroup at the height of the global financial crisis a decade ago and he has held on to the stake, saying as recently as last month that he was very happy with the investment."He's always been a colourful and unofficial public face of Saudi Arabia, though he has never been a key decision-maker in the kingdom," a Gulf-based businessman said.
A top security official, Prince Miteb bin Abdullah, was detained and replaced as minister of the powerful National Guard by Prince Khaled bin Ayyaf.
Prince Alwaleed's investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body."There will be questions on what this all means," said a senior executive at a European financial institution, who visited Riyadh late last month to attend a big international conference promoting Saudi Arabia as an investment destination.
Aside from a stake in Citigroup, Prince Alwaleed, 62, owns significant stakes in Twitter, ride-hailing firm Lyft and Time Warner.
Since February 2008, a Saudi man who wants to marry a foreign woman must sign a binding agreement to allow her and their children to travel freely to and from Saudi Arabia.
This requirement does not apply to marriages before 20 February 2008.