The prince was put to death in the capital. No details were given as to how he was executed, but most condemned people are beheaded.
Prince Turki bin Saud al-Kabir is the 134th person to be put to death this year, according to a list compiled by the AFP news agency.
It is rare for royal family members to be executed, correspondents say.
Prince Turki bin Saud al-Kabir had pleaded guilty to shooting his compatriot, the interior ministry statement said.
Announcing the execution, the ministry said it would assure everyone the government was “keen to preserve security and achieve justice”.
The victim’s family refused offers of “blood money” by which they would receive financial compensation in return for not demanding the death sentence, Al-Arabiya reported.
One of the most well-known cases of a Saudi royal being executed was that of Faisal bin Musaid al Saud, who assassinated his uncle, King Faisal, in 1975.
Most people executed in Saudi Arabia are convicted for murder and drug trafficking although nearly 50 people were put to death for “terrorism” on a single day in January including the prominent Shia cleric Sheikh Nimr al-Nimr.
Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…