By Dinesh Nair
DUBAI Nov 30 The chief financial officer of
Prince Alwaleed bin Talal's investment vehicle, Kingdom Holding
, is to leave the firm, two banking sources aware of
the matter said.
Shadi Sadeek Sanbar, who has worked with the firm for more
than eight years and is seen as a close aide of the Saudi
billionaire, will leave the firm at the end of the year, the
sources said, requesting anonymity as the matter has not been
Another source familiar with Kingdom Holding said Sanbar,
66, is retiring from the firm and will move with his family to
the United States. He will continue to be on Kingdom's board of
directors, the source added.
Alwaleed is a closely-watched figure in international
markets because of investments through Kingdom Holding in
companies such as Citigroup Inc and Rupert Murdoch's News
The prince, a nephew of Saudi Arabia's King Abdullah,
invested $300 million in social media giant Twitter in
Sanbar is leaving to spend more time with his family, a
second Saudi-based banking source said, adding deputy chief
financial officer Mohammed Fahmy Soliman was seen as the most
likely candidate to replace him.
Sanbar will be the second senior executive to leave Kingdom
in recent months. In June, Ahmed Reda Halawani, the company's
executive director of private equity, resigned for personal
reasons, Kingdom had said in a statement at the time.
Kingdom said last month that its third-quarter net profit
had risen 1 percent.. The investment firm's
shares have risen 7 percent on the Riyadh bourse year-to-date.