Ethiopia: Al Amoudi Released from Jail
He was freed after a financial settlement was approved by the state prosecutor, an official said.
Prince Alwaleed was held in November by a new anti-corruption body headed by the Saudi crown prince.
More than 200 princes, politicians, and wealthy businessmen were detained in the crackdown.
Since then, they have been held in the Ritz Carlton hotel in Riyadh, which is due to reopen on 14 February.
Prince Alwaleed is the most high-profile detainee to have been released so far. Speaking to Reuters news agency before his release he said that no charges had been laid against him and expressed support for Crown Prince Mohammed bin Salman.
The multi-billionaire has a vast array of business interests across the world, including holdings in Twitter and Apple.