A Saudi investor says he intends to bolster the balance sheet of his investment vehicle by “donating” SR2.24 billion ($597 million) of shares in Citigroup into it, according to media reports.

Prince Alwaleed bin Talal al-Saud reportedly said the initiative would help lead Kingdom Holding, which floated a small chunk of its stocks on the Saudi stock exchange in 2007, to profitability. As a result, it could distribute dividends to shareholders.

The report highlights how Middle Eastern wealthy investors have not been immune to adverse market movements in global markets. It also demonstrates how such investors have become important stakeholders in large Western banks, such as Citigroup and Barclays, for example.

“These measures will ensure the continuous development of Kingdom and help it withstand the negative repercussions of the global economic crisis,” Prince Alwaleed was quoted to have said. It would also allow Kingdom to increase borrowing capacity.

The Financial Times reported that Kingdom’s share price collapsed from SR13 a share to SR3.65 in March last year and, after a brief recovery, it has stagnated.