Story highlights Prince Alwaleed bin Talal had been detained at the Ritz-Carlton in Riyadh

An anti-corruption initiative spurred arrests of prince and others in November

(CNN) A billionaire and influential Saudi prince arrested in an anti-corruption sweep nearly three months ago was released Saturday, a source close to the prince told CNN.

Prince Alwaleed bin Talal was among 17 princes and top officials arrested November 4 in the Saudi government crackdown.

Alwaleed. a grandson of Saudi Arabia's founder, King Abdulaziz Al Saud, was being held at the Ritz-Carlton in Riyadh during his detention.

The prince does not hold a government position.

But his personal fortune is estimated at more than $17 billion, according to Forbes, and his investment portfolio has made him an important voice inside his home country.