Prince Alwaleed was staying in a luxury suit in the Ritz-Carlton in Riyadh, Saudi Arabia

After making an undisclosed financial settlement, Saudi Arabian billionaire Prince Alwaleed bin Talal has been released from detention.  This was more than two months after he was seized in the kingdom's sweeping crackdown on corruption.

The billionaire's family said Prince Alwaleed was released on Saturday.



The Ritz-Carlton hotel in Riyadh, pictured

The corruption clampdown in the desert kingdom sent shockwaves through Saudi Arabia's business and political establishment.

The billionaire prince had been confined at the Ritz-Carlton since early November, along with dozens of others. It was part of Crown Prince Mohammed bin Salman's plan to consolidate control and reform oil superpower Saudi Arabia.

Saudi authorities said they expect to raise some $100 billion for the government through such settlements - a huge windfall for the state, which has seen its finances squeezed by low oil prices.