Prince Alwaleed bin Talal released from detention- Ritz-Carlton Hotel

Saudi Arabia, Jan 29: A prominent Saudi billionaire, Prince Alwaleed bin Talal, has been released from detention in the Ritz-Carlton Hotel in the Lebanese capital, after he was arrested over allegations of corruption on Saturday, according to two close associates of his family.

The arrest of Prince Alwaleed had shocked the international business community. His net worth has been estimated by 2017 Forbes magazine at a whopping 18 billion dollars.

The Saudi billionaire has done business with some of the corporate moguls of the world, such as Bill Gates, Rupert Murdoch and Michael R. Bloomberg.

Crown Prince Mohammed called act of sudden arrests as an "anti-corruption campaign". He said the campaign could recover more than 100 billion dollars in illegal means.

However, his critics have alleged that the "anti-corruption campaign", by the Crown Prince, is a ploy aimed at increasing his control of the economy while cutting down rivals for power and prominence.

Meanwhile, Prince Alwaleed said that he wanted to clear his name from any wrongdoings and said that his arrest was a "mistake" and Saudi authorities were "misunderstood".