'Back to work' for freed Saudi royal Prince Alwaleed bin Talal

Saudi Arabia's billionaire royal, Prince Alwaleed bin Talal, was back in his office Thursday, looking to minimise the damage caused by his nearly three months detention at the Ritz Hotel.

Kingdom Holding Company confirmed that the prince was back to work Thursday and denied claims the entrepreneur had forfeited his position as chairman in return for his freedom.

"We are very pleased to welcome back HRH Prince Alwaleed to continue his important work as chairman of Kingdom Holding Company," Chief Executive Officer Talal al-Maiman said in a statement.

Prince Alwaleed was imprisoned for nearly three months at the Ritz Carlton Hotel in Riyadh, during an anti-corruption sweep headed by Crown Prince Mohammed bin Salman.

The mass arrests have been described as a "shakedown" by critics and a way of the young crown prince cementing his power.

Many of the imprisoned royals, former ministers, and businessmen paid billions to be released.

Saudi Arabia said that $107 billion was "recovered" from the purge, which included hundreds of high-profile names.

Prince Alwaleed was one of the last prominent figures to be released and led to questions over what price he paid to secure his freedom.

Bin Talal, who has been estimated to be worth $17 billion, owns a 95 percent stake in Kingdom Holdings Company, which includes investment, hospitality and media arms.

A Saudi official had told AFP that he was freed following a "monetary settlement".

Analysts have voiced caution about the effects the arrests might have on potential investment into the kingdom.

Shares in Kingdom Holding Company - one of he biggest corporations in Saudi Arabia - nosedived after Prince Alwaleed's arrest but have since picked up.