Al-Waleed bin Talal
Encyclopedia
Prince Al-Waleed bin Talal (also spelled Waleed bin Talal) is a Saudi Arabian billionaire and member of the Saudi royal family
. He is the nephew of King Abdullah
of Saudi Arabia. An entrepreneur and international investor he has amassed a fortune through investments in real estate
and the stock market
.
He is founder and CEO of Kingdom Holding Company
. As of March 2011, his net worth is estimated by Forbes
at US$19.6 billion, making him the 26th richest person in the world. This listing also ranks him as the richest Saudi Arabian in the world. He has been nicknamed by Time
magazine as the Arabian Warren Buffett
( the son of the founding King of Saudi Arabia, Abdul Aziz Al Saud
) and Princess Mona El-Solh, daughter of Riad as-Solh
, Lebanon
's first Prime Minister. He is Prince Talal's
second son.
Al-Waleed received a Bachelors of Science degree in Business Administration with high honors from Menlo College in California in 1979. He then received a Master's of Social Science with honors from Syracuse University in 1985.
in California. The Prince's activities as an investor came to prominence when he bought a substantial tranche
of shares in Citicorp in the 1990s when that firm was in difficulties. With an initial investment of $550 million ($2.98 a share after adjusting for stock splits, acquisitions and spin-offs, according to Bloomberg calculations) to bail out Citibank
caused by underperforming American real estate loans and Latin American businesses, his holdings in Citigroup
now comprise for about $1 billion. His investments in Citibank
earned him the title of "Arabian Warren Buffett
".
His stake in Citibank
once accounted for approximately half of his wealth, prior to the recent financial crisis. At the end of 1990 he bought 4.9 percent of Citicorp’s existing common shares for $207 million ($12.46 per share)—the most that he could without being legally obliged to declare his interest. In February 1991, as American troops stationed in Saudi Arabia were preparing for war with Iraq, the prince spent $590m buying new preferred shares, convertible into common shares at $16 each. This amounted to a further 10% of Citicorp and took his stake to 14.9%.
Later, he also made large investments in AOL
, Apple Inc., MCI Inc.
, Motorola
, Fox News and other technology and media companies.
His real estate holdings have included large stakes in the Four Seasons hotel chain and the Plaza Hotel
in New York. He sold half of his shares in the latter in August 2004. He has made investments in London's Savoy Hotel
and Monaco's Monte Carlo Grand Hotel. He currently holds a 10% stake in Euro Disney SCA
, the company that owns, manages and maintains Disneyland Paris in Marne-la-Vallee
, France
.
In January 2005, Al-Waleed purchased the Savoy Hotel
in London
for an estimated GBP £250 million, to be managed by Fairmont Hotels
; his sister, The Princess Sultana Nurul Al-Waleed owns an estimated 16% stake. In January 2006, in partnership with the U.S. real estate firm Colony Capital, Kingdom Holding acquired Toronto, CA-based Fairmont Hotels for an estimated $3.9 billion.
In August 2011, Al-Waleed announced that his company had contracted Saudi Binladen Group to build the next tallest building in the World, the Kingdom Tower at a height of at least 1000 metres (3,280.8 ft) for SR
4.6 billion. The original plan announced in 2008 called it برج الميل (Arabic for "the Tower of One Mile") at 1609 metres (5,278.9 ft) and an estimated cost of billion.
In 1997, Time Magazine reported that bin Talal owned about 5 percent of News Corporation
. By 2010 Alwaleed's stake in News Corp. was about 7% stake at worth $3 Billion noted the 2010 News Corp. $70 million (9%) investment in Al-Waleed's Rotana Group, the Arab World
's largest entertainment company. The review also referred to the Al-Waleed investment AOL in the past tense.
In June 2011 bin Tahal was linked with a takeover of Premier League football club Everton
for a reported £100 million. It remains to be seen whether or not he will follow up on the link.
turned down a $10 million donation from Al-Waleed for disaster relief after the prince suggested the United States "must address some of the issues that led to such a criminal attack," and "re-examine its policies in the Middle East." Giuliani interpreted his statements as drawing "a moral equivalency between liberal democracies like the United States, like Israel, and terrorist states and those who condone terrorism."
. The telethon was ordered by Saudi King Fahd to help relatives of Palestinian martyrs. The Saudi government maintained the term "martyrs" referred not to suicide bombers but to "Palestinians [who are] victimized by Israeli terror and violence."
in Andover
, Massachusetts
.
Al-Waleed owns the 85.9-meter (282-foot) yacht
Kingdom 5KR
,, originally built as the "Nabila" for Saudi arms dealer Adnan Khashoggi
. The yacht posed as the Flying Saucer, the yacht of James Bond
villain Largo in the film Never Say Never Again
. It was later sold to Donald Trump
, who renamed her Trump Princess. Al-Waleed bought back the yacht after Trump's second bankruptcy
.
He has ordered a new yacht currently known as the New Kingdom 5KR which will be about 173 meters (557 feet) long and carries an estimated cost of over $500 million. The yacht is rendered by Lindsey Design and is expected to be delivered in late 2010.
Al-Waleed owns several aircraft, all converted for private use: a Boeing 747
, an Airbus 321 and an Hawker Siddeley 125. Also on order is an Airbus A380
, the world's largest passenger aircraft, which is scheduled for delivery in 2012. This has been noted in the 2009 Guinness World Records
as the largest private jet in the world.
Al-Waleed also owns more than 200 cars, including Rolls Royces, Lamborghinis, Ferraris etc.
The Economist has expressed doubts about the source of income of Prince Al Waleed and whether he is a front man for other Saudi investors. According to it, his income in the 1990s was insufficient to cover his expenditures. "You could barely clothe a Saudi prince for such sums, let alone furnish him with a multi-billion-dollar empire. Nevertheless, by 1991 Prince Alwaleed had felt able to risk an investment of $797m in Citicorp", writes the magazine.
Among his many assets are: a 95 percent stake in Kingdom Holding Company; 91 percent ownership of Rotana Video & Audio Visual Company; 90 percent ownership of LBC
SAT; 7 percent ownership of News Corporation
; about 6 percent ownership of Citigroup
; and 17 percent ownership of Al Nahar and 25 percent ownership of Al Diyar, two daily newspapers published in Lebanon.
In addition to his 63rd place ranking on the Forbes Billionaire List in 2011, Prince Al-Waleed topped the first Saudi Rich List issued in 2009, with a fortune of $16.3bn.
Articles
House of Saud
The House of Saud , also called the Al Saud, is the ruling royal family of Saudi Arabia and one of the wealthiest and most powerful dynasties in the world. The family holds thousands of members...
. He is the nephew of King Abdullah
Abdullah of Saudi Arabia
Abdullah bin Abdul-Aziz Al Saud, Custodian of the Two Holy Mosques, is the King of Saudi Arabia. He succeeded to the throne on 1 August 2005 upon the death of his half-brother, King Fahd. When Crown Prince, he governed Saudi Arabia as regent from 1998 to 2005...
of Saudi Arabia. An entrepreneur and international investor he has amassed a fortune through investments in real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
and the stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
.
He is founder and CEO of Kingdom Holding Company
Kingdom Holding Company
Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia, and is the largest company in Saudi Arabia. It is controlled by Prince Alwaleed Bin Talal Bin Abdulaziz, and is headquartered in the city of Riyadh...
. As of March 2011, his net worth is estimated by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
at US$19.6 billion, making him the 26th richest person in the world. This listing also ranks him as the richest Saudi Arabian in the world. He has been nicknamed by Time
Time (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
magazine as the Arabian Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
Early life
Al-Waleed bin Talal was born to Talal ibn Abd al-AzizTalal ibn Abd al-Aziz
Prince Talal bin Abdul-Aziz , also called The Red Prince, is a senior member of the Saudi royal family, and has led the Arab Gulf Program For the United Nations Development since 1986. He is a former ambassador to France. He served as Minister of Communications till 1955 before the Ministry was...
( the son of the founding King of Saudi Arabia, Abdul Aziz Al Saud
Ibn Saud of Saudi Arabia
King Abdul-Aziz of Saudi Arabia was the first monarch of the Third Saudi State known as Saudi Arabia. He was commonly referred to as Ibn Saud....
) and Princess Mona El-Solh, daughter of Riad as-Solh
Riad as-Solh
Riad as-Solh was the first Prime Minister of Lebanon , after the country's independence. Like all of his successors as prime minister of Lebanon, he was a Sunni Muslim. He later served as prime minister of Lebanon again from December 14, 1946 to February 14, 1951...
, Lebanon
Lebanon
Lebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...
's first Prime Minister. He is Prince Talal's
Talal ibn Abd al-Aziz
Prince Talal bin Abdul-Aziz , also called The Red Prince, is a senior member of the Saudi royal family, and has led the Arab Gulf Program For the United Nations Development since 1986. He is a former ambassador to France. He served as Minister of Communications till 1955 before the Ministry was...
second son.
Al-Waleed received a Bachelors of Science degree in Business Administration with high honors from Menlo College in California in 1979. He then received a Master's of Social Science with honors from Syracuse University in 1985.
Business interests
Al-Waleed began his business career in 1979 upon graduation from Menlo CollegeMenlo College
Menlo College, often referred to as Menlo, is a private, four-year baccalaureate college specializing in business located in the Silicon Valley town of Atherton, California.-Campus:...
in California. The Prince's activities as an investor came to prominence when he bought a substantial tranche
Tranche
In structured finance, a tranche is one of a number of related securities offered as part of the same transaction. The word tranche is French for slice, section, series, or portion, and is cognate to English trench . In the financial sense of the word, each bond is a different slice of the deal's...
of shares in Citicorp in the 1990s when that firm was in difficulties. With an initial investment of $550 million ($2.98 a share after adjusting for stock splits, acquisitions and spin-offs, according to Bloomberg calculations) to bail out Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
caused by underperforming American real estate loans and Latin American businesses, his holdings in Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
now comprise for about $1 billion. His investments in Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
earned him the title of "Arabian Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
".
His stake in Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
once accounted for approximately half of his wealth, prior to the recent financial crisis. At the end of 1990 he bought 4.9 percent of Citicorp’s existing common shares for $207 million ($12.46 per share)—the most that he could without being legally obliged to declare his interest. In February 1991, as American troops stationed in Saudi Arabia were preparing for war with Iraq, the prince spent $590m buying new preferred shares, convertible into common shares at $16 each. This amounted to a further 10% of Citicorp and took his stake to 14.9%.
Later, he also made large investments in AOL
AOL
AOL Inc. is an American global Internet services and media company. AOL is headquartered at 770 Broadway in New York. Founded in 1983 as Control Video Corporation, it has franchised its services to companies in several nations around the world or set up international versions of its services...
, Apple Inc., MCI Inc.
MCI Inc.
MCI, Inc. is an American telecommunications subsidiary of Verizon Communications that is headquartered in Ashburn, Virginia...
, Motorola
Motorola
Motorola, Inc. was an American multinational telecommunications company based in Schaumburg, Illinois, which was eventually divided into two independent public companies, Motorola Mobility and Motorola Solutions on January 4, 2011, after losing $4.3 billion from 2007 to 2009...
, Fox News and other technology and media companies.
His real estate holdings have included large stakes in the Four Seasons hotel chain and the Plaza Hotel
Plaza Hotel
The Plaza Hotel in New York City is a landmark 20-story luxury hotel with a height of and length of that occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. Fifth Avenue extends along the east side of Grand Army Plaza...
in New York. He sold half of his shares in the latter in August 2004. He has made investments in London's Savoy Hotel
Savoy Hotel
The Savoy Hotel is a hotel located on the Strand, in the City of Westminster in central London. Built by impresario Richard D'Oyly Carte with profits from his Gilbert and Sullivan operas, the hotel opened on 6 August 1889. It was the first in the Savoy group of hotels and restaurants owned by...
and Monaco's Monte Carlo Grand Hotel. He currently holds a 10% stake in Euro Disney SCA
Euro Disney SCA
Euro Disney S.C.A. is the company that owns and operates Disneyland Paris in Marne-la-Vallée, France. 39.78% of shares are held by The Walt Disney Company, 10% by the Saudi Prince Alwaleed and 50.22% by other shareholders...
, the company that owns, manages and maintains Disneyland Paris in Marne-la-Vallee
Marne-la-Vallée
Marne-la-Vallée is a new town located near Paris, France.Disneyland Paris, Val d'Europe,Université Paris-Est Marne-la-Vallée,and École des Ponts ParisTech are located in Marne-la-Vallée.-Status:...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
.
In January 2005, Al-Waleed purchased the Savoy Hotel
Savoy Hotel
The Savoy Hotel is a hotel located on the Strand, in the City of Westminster in central London. Built by impresario Richard D'Oyly Carte with profits from his Gilbert and Sullivan operas, the hotel opened on 6 August 1889. It was the first in the Savoy group of hotels and restaurants owned by...
in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
for an estimated GBP £250 million, to be managed by Fairmont Hotels
Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...
; his sister, The Princess Sultana Nurul Al-Waleed owns an estimated 16% stake. In January 2006, in partnership with the U.S. real estate firm Colony Capital, Kingdom Holding acquired Toronto, CA-based Fairmont Hotels for an estimated $3.9 billion.
In August 2011, Al-Waleed announced that his company had contracted Saudi Binladen Group to build the next tallest building in the World, the Kingdom Tower at a height of at least 1000 metres (3,280.8 ft) for SR
Saudi riyal
The Riyal is the currency of Saudi Arabia. It is abbreviated as ر.س or SR . It is subdivided into 100 Halalas . The Saudi Ghirsh is 5 Halalas.-History:...
4.6 billion. The original plan announced in 2008 called it برج الميل (Arabic for "the Tower of One Mile") at 1609 metres (5,278.9 ft) and an estimated cost of billion.
In 1997, Time Magazine reported that bin Talal owned about 5 percent of News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
. By 2010 Alwaleed's stake in News Corp. was about 7% stake at worth $3 Billion noted the 2010 News Corp. $70 million (9%) investment in Al-Waleed's Rotana Group, the Arab World
Arab world
The Arab world refers to Arabic-speaking states, territories and populations in North Africa, Western Asia and elsewhere.The standard definition of the Arab world comprises the 22 states and territories of the Arab League stretching from the Atlantic Ocean in the west to the Arabian Sea in the...
's largest entertainment company. The review also referred to the Al-Waleed investment AOL in the past tense.
In June 2011 bin Tahal was linked with a takeover of Premier League football club Everton
Everton F.C.
Everton Football Club are an English professional association football club from the city of Liverpool. The club competes in the Premier League, the highest level of English football...
for a reported £100 million. It remains to be seen whether or not he will follow up on the link.
Charitable activities
Much of the charitable activities of Al-Waleed are in the field of educational initiatives to bridge gaps between Western and Islamic communities. Over the years, he has funded a number of centers of American studies in universities in the Middle East and centers of Islamic studies in Western universities.World Trade Center attacks
In October 2001, following the World Trade Center attacks, New York mayor Rudy GiulianiRudy Giuliani
Rudolph William Louis "Rudy" Giuliani KBE is an American lawyer, businessman, and politician from New York. He served as Mayor of New York City from 1994 to 2001....
turned down a $10 million donation from Al-Waleed for disaster relief after the prince suggested the United States "must address some of the issues that led to such a criminal attack," and "re-examine its policies in the Middle East." Giuliani interpreted his statements as drawing "a moral equivalency between liberal democracies like the United States, like Israel, and terrorist states and those who condone terrorism."
Palestinians
In 2002, Al-Waleed donated 18.5 million British pounds (US$27 million) to the families of Palestinians during a TV telethon following Israeli operations in the West Bank city of JeninJenin
Jenin is the largest town in the Northern West Bank, and the third largest city overall. It serves as the administrative center of the Jenin Governorate and is a major agricultural center for the surrounding towns. In 2007, the city had a population of 120,004 not including the adjacent refugee...
. The telethon was ordered by Saudi King Fahd to help relatives of Palestinian martyrs. The Saudi government maintained the term "martyrs" referred not to suicide bombers but to "Palestinians [who are] victimized by Israeli terror and violence."
2004 Indian Ocean earthquake
In 2004, the Prince contributed $17 million to victims of the 2004 Indian Ocean earthquake and tsunami.Harvard University
In April 2009, Prince Waleed bin Talal donated $20 million to Harvard University, one of its 25 largest donations.Phillips Academy
In 2002, Al-Waleed donated $500,000 to help fund the George Herbert Walker Bush Scholarship at Phillips AcademyPhillips Academy
Phillips Academy is a selective, co-educational independent boarding high school for boarding and day students in grades 9–12, along with a post-graduate year...
in Andover
Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was incorporated in 1646 and as of the 2010 census, the population was 33,201...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
.
Assets
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...
Kingdom 5KR
Kingdom 5KR
Kingdom 5KR is a superyacht owned by Al-Waleed bin Talal.- Overview :The motor yacht was built in 1980 by the yacht builder Benetti at a cost $100 million and designed by Jon Bannenberg...
,, originally built as the "Nabila" for Saudi arms dealer Adnan Khashoggi
Adnan Khashoggi
Adnan Khashoggi is a Saudi Arabian arms-dealer and businessman. He is also noted for his engagements with high society in both the Occident and Arabic-speaking worlds, and for his involvement in the Iran–Contra and Lockheed bribery scandals, and numerous other affairs...
. The yacht posed as the Flying Saucer, the yacht of James Bond
James Bond
James Bond, code name 007, is a fictional character created in 1953 by writer Ian Fleming, who featured him in twelve novels and two short story collections. There have been a six other authors who wrote authorised Bond novels or novelizations after Fleming's death in 1964: Kingsley Amis,...
villain Largo in the film Never Say Never Again
Never Say Never Again
Never Say Never Again is a 1983 spy film based on the James Bond novel Thunderball, which was previously filmed in 1965 as Thunderball...
. It was later sold to Donald Trump
Donald Trump
Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have...
, who renamed her Trump Princess. Al-Waleed bought back the yacht after Trump's second bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
.
He has ordered a new yacht currently known as the New Kingdom 5KR which will be about 173 meters (557 feet) long and carries an estimated cost of over $500 million. The yacht is rendered by Lindsey Design and is expected to be delivered in late 2010.
Al-Waleed owns several aircraft, all converted for private use: a Boeing 747
Boeing 747
The Boeing 747 is a wide-body commercial airliner and cargo transport, often referred to by its original nickname, Jumbo Jet, or Queen of the Skies. It is among the world's most recognizable aircraft, and was the first wide-body ever produced...
, an Airbus 321 and an Hawker Siddeley 125. Also on order is an Airbus A380
Airbus A380
The Airbus A380 is a double-deck, wide-body, four-engine jet airliner manufactured by the European corporation Airbus, a subsidiary of EADS. It is the largest passenger airliner in the world. Due to its size, many airports had to modify and improve facilities to accommodate it...
, the world's largest passenger aircraft, which is scheduled for delivery in 2012. This has been noted in the 2009 Guinness World Records
Guinness World Records
Guinness World Records, known until 2000 as The Guinness Book of Records , is a reference book published annually, containing a collection of world records, both human achievements and the extremes of the natural world...
as the largest private jet in the world.
Al-Waleed also owns more than 200 cars, including Rolls Royces, Lamborghinis, Ferraris etc.
The Economist has expressed doubts about the source of income of Prince Al Waleed and whether he is a front man for other Saudi investors. According to it, his income in the 1990s was insufficient to cover his expenditures. "You could barely clothe a Saudi prince for such sums, let alone furnish him with a multi-billion-dollar empire. Nevertheless, by 1991 Prince Alwaleed had felt able to risk an investment of $797m in Citicorp", writes the magazine.
Among his many assets are: a 95 percent stake in Kingdom Holding Company; 91 percent ownership of Rotana Video & Audio Visual Company; 90 percent ownership of LBC
Lebanese Broadcasting Corporation
The Lebanese Broadcasting Corporation , widely known as LBC, is the first private television station in Lebanon. It went global in 1996 when it launched its satellite channel LBC Al-Fadha'iya Al-Lubnaniya covering the Arab World. It now has several channels covering Europe, America, Australia, and...
SAT; 7 percent ownership of News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
; about 6 percent ownership of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
; and 17 percent ownership of Al Nahar and 25 percent ownership of Al Diyar, two daily newspapers published in Lebanon.
In addition to his 63rd place ranking on the Forbes Billionaire List in 2011, Prince Al-Waleed topped the first Saudi Rich List issued in 2009, with a fortune of $16.3bn.
Palaces
| Name | City | Area (sq m) | Coordinates | Description |
|---|---|---|---|---|
| Kingdom Resort | Hay al Huda | 500,000 | 24.652463°N 46.603076°E | It contains three lakes integrated with splendid gardens. This is where he entertains his guests. |
| Promotion Palace | Hay al Huda | 250,000 | 24.643587°N 46.679208°E | This palace is frequently shown in videos for the promotion of public relations which is why locals have dubbed it as "Promotion Palace". It has three swimming pools and large splendid palace. The mosque on the left and the palace next to it are also his. According to Time Magazine "Al-Waleed and his two wives live in Riyadh, Saudi Arabia in a $300 million sand-colored palace whose 317 rooms are adorned with 1,500 tons of Italian marble, silk oriental carpets, gold-plated faucets and 250 TV sets. It has four kitchens, for Arabic, Continental and Asian cuisines, and a fifth just for dishing up desserts, run by chefs who can feed 2,000 people on an hour's notice. There is also a lagoon-shaped pool and a 45-seat basement cinema". |
| Kingdom Oasis | Janadriyah Jenadriyah - Events :The festival opens with the opening ceremony master, and then varied events held, including:* Camel racing.* Operetta* Horse Racing and endurance.* Folk poetry.* Popular market.* Arts and popular games.* Unique heritage of the regions.... |
4,000,000 | 25.047°N 46.972035°E | Still under construction this 4 million square metre luxury resort will include a 70,000 square metre lake and a private zoo. |
Further reading
- Riz Khan. AlWaleed: Businessman Billionaire Prince (HarperCollins, 2005) ISBN 0-06-085030-2
External links
- The Prince Alwaleed Center for Muslim-Christian Understanding at Georgetown UniversityGeorgetown UniversityGeorgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States...
- Prince Alwaleed Bin Talal Alsaud, ForbesForbesForbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
Articles
- Saudi Prince Backs Murdoch, Ups News Corp. Stake, Greg Levine, ForbesForbesForbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
, 6 September 2005 - A Saudi Prince’s Plea for Reform, Alwaleed bin Talal bin Abdulaziz al-Saud, The New York TimesThe New York TimesThe New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
, 24 February 2011