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Saudi Prince Alwaleed Bin Talal says he hasn't been to Ibiza, where the rape allegedly happened in 2008, in 10 years.

STORY HIGHLIGHTS

(CNN) -- A Spanish court on Wednesday dismissed an allegation that one of the world's richest men, Saudi Prince Alwaleed Bin Talal, raped a young woman on a yacht on the island of Ibiza in 2008.

In its ruling, the Spanish court in Palma de Mallorca found there wasn't sufficient evidence to press charges.

The prince has long maintained that he was innocent, that he hasn't been in Ibiza in more than a decade and that others have tried to impersonate him.

The prince's legal team released a statement Wednesday saying the ruling vindicates the prince, but said the legal matter has nevertheless resulted in "a grave injustice" to him.

"This news confirms what this office has been demonstrating since the court took up the case: that the alleged accusations against HRH Prince Alwaleed were false and baseless as his royal highness wasn't in Spain at that time, but in France, with his wife, children, grandchildren and accompanied by dozens of witnesses as proof that was provided by the office of the prince at the time," the legal team's statement said.

"This issue has resulted in a grave injustice against HRH Prince Alwaleed. Our client has commissioned this office to consider ways to protect other innocent people who have to face this kind of false allegations and for those to face liability for their actions," the statement said.

In September, a Spanish court reopened the investigation into the rape allegation.

The woman filed her complaint in Ibiza in August 2008, but a local judge shelved it in 2010, citing a lack of evidence that a crime had been committed, according to court documents.

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Spanish court dismisses woman's rape allegation against Saudi prince