Saudi Prince Alwaleed sells Damascus hotel stake to Assad-linked businessman: report

Saudi tycoon Prince AlWaleed bin Talal has reportedly sold his stake in the Four Seasons hotel in Damascus to a businessman with close ties to Syrian regime president Bashar al-Assad.

The sale went through while Prince Alwaleed was being held in detention during an anti-corruption purge spearheaded by Saudi Arabia's Crown Prince Mohammed bin Salman last November, sources told the Financial Times.

Most of the 200 or so detainees were held at the luxury Ritz-Carlton hotel in Riyadh after being arrested in November, with the majority striking monetary settlements in exchange for their freedom.

The reported buyer is Syrian businessman Samer Foz, who Syrian and Dubai-based businessmen say has close ties to the Assad regime, the Financial Times reported.

One source said Foz had "direct ties to the inner circle" of Bashar al-Assad, according to the FT. The businessman was relatively unknown before Syria's eight-year civil war but his profile has risen during the conflict.

Foz established a food import-export business in 1988 before moving into transportation, cement and contracting.

Syrian opposition leaders told the Financial Times that Foz has used Dubai as business hub, which allowed him to develop links with Iran, a key ally of the Assad regime.

Sources in Damascus say Foz is now moving closer to Russian businessmen as Moscow steps up its investment efforts in Syria.

Bin Talal was released from detention for corruption charges in January after reportedly reaching a financial settlement with Saudi authorities to secure his release.

Total settlements with the suspects detained in the anti-corruption purge have topped $107 billion in various forms of assets handed over, including property, securities and cash.

Prince Alwaleed has denied settling with the authorities, describing his detention as a "misunderstanding".

The sale of the Four Seasons Damascus comes as part of a divestment process from hotels by Kingdom Holding, Prince Alwaleed's investment vehicle.

In January, while still under detention, Prince Alwaleed sold his stake in Beirut's Four Seasons Hotel for as much as $115 million.