The Republican presidential candidate retweeted a photoshopped image of Al-Waleed and Fox news anchor Megyn Kelly on Thursday which included the following text:
"Most people don't know that the co-owner of Fox News is Prince Al-Waleed of Saudi Arabia here with his sister and with host Mygan Kelly [sic]. In case you only watch Fox News and you missed it everywhere else. Google it."
Representatives for Al-Waleed did not immediately respond to CNBC's request for comment.
Al-Waleed, who is listed as one of the largest holders of 21st Century Fox stock, responded to Trump's post on Twitter.
"Trump: You base your statements on photoshopped pics? I bailed you out twice; a 3rd time, maybe?" he wrote on the social media platform.
In 1995, Al-Waleed's investment group bought a stake in Trump's Plaza Hotel in New York City — a purchase valued at $325 million, according to the International Business Times. Previously, the Republican candidate's yacht was sold to a creditor and then bought by Al-Waleed.
This isn't the first time that Trump has received criticism from the prominent Middle Eastern tycoon. In December, when Trump called for a "total and complete" ban on Muslims entering the United States, Al-Waleed tweeted that the candidate should withdraw from the presidential race.
Representatives for Trump did not immediately respond to CNBC's request for comment.