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|religion =[[Islam]]
|religion =[[Islam]]
|occupation =[[businessman]]
|occupation =[[businessman]]
|networth = $19.4 billion (2010)<ref>[http://billionaires.forbes.com/topic/Prince_Alwaleed_Bin_Talal_Alsaud Forbes topic page on Prince Alwaleed] Retreived March 2010</ref>
|networth = $16.3 billion (2009)<ref name=arb>{{cite web|url=http://www.arabianbusiness.com/saudi-rich-list/list?clr= |title=Saudi Rich List - KSA Top 50 Earners, Saudi Arabia Rich List 2009 - Special Reports |publisher=ArabianBusiness.com |date= |accessdate=2010-03-08}}</ref>
|residence =[[Riyadh]], [[Saudi Arabia]]
|residence =[[Riyadh]], [[Saudi Arabia]]
}}
}}
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'''Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud''' (also spelled Al-Walid) ({{lang-ar|الوليد بن طلال بن عبد العزيز آل سعود}}; born 7 March 1955) is a member of the [[House of Saud|Saudi Royal Family]]. He is the nephew of the Saudi Arabian [[Abdullah of Saudi Arabia|King Abdullah]]. An entrepreneur and international investor but without real political power within the House of Saud or in Saudi Arabia, he has amassed a fortune through investments in [[real estate]] and the [[stock market]].
'''Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud''' (also spelled Al-Walid) ({{lang-ar|الوليد بن طلال بن عبد العزيز آل سعود}}; born 7 March 1955) is a member of the [[House of Saud|Saudi Royal Family]]. He is the nephew of the Saudi Arabian [[Abdullah of Saudi Arabia|King Abdullah]]. An entrepreneur and international investor but without real political power within the House of Saud or in Saudi Arabia, he has amassed a fortune through investments in [[real estate]] and the [[stock market]].


As of August 2009, his net worth is estimated at US$16.3 billion, down from $21 billion, according to the Arabian Business rich list published August 29, 2009.<ref name=arb/> He is ranked by [[Forbes]] as the 19th richest person in the world on their list published in March 2010. Forbes put his worth at US$19.4 billion in that month. He has been nicknamed by ''[[Time (magazine)|Time]]'' magazine as the ''Arabian [[Warren Buffett]]''.<ref>{{cite web | title=Your chance to quiz Prince Alwaleed | publisher=Arabian Business |url=http://www.arabianbusiness.com/?option=com_content&view=article&id=10878:your-chance-to-quiz-prince-alwaleed&Itemid=1}}</ref>
As of March 2010, his net worth is estimated at US$19.4 billion, up from $13.3 billion, according to [[Forbes]], making him the 19th richest person in the world on their list published in March 2010.<ref>[http://billionaires.forbes.com/topic/Prince_Alwaleed_Bin_Talal_Alsaud Forbes topic page on Prince Alwaleed] Retreived March 2010</ref> He has been nicknamed by ''[[Time (magazine)|Time]]'' magazine as the ''Arabian [[Warren Buffett]]''.<ref>{{cite web | title=Your chance to quiz Prince Alwaleed | publisher=Arabian Business |url=http://www.arabianbusiness.com/?option=com_content&view=article&id=10878:your-chance-to-quiz-prince-alwaleed&Itemid=1}}</ref>


==Early life==
==Early life==
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His stake in [[Citibank]] once accounted for approximately half of his wealth, prior to the [[financial crisis of 2007–2010|recent financial crisis]]. At the end of 1990 he bought 4.9% of Citicorp’s existing common shares for $207m ($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%.<ref name=mstr>{{cite news|url=http://www.economist.com/displayStory.cfm?Story_ID=187913&source=login_payBarrier|title=
His stake in [[Citibank]] once accounted for approximately half of his wealth, prior to the [[financial crisis of 2007–2010|recent financial crisis]]. At the end of 1990 he bought 4.9% of Citicorp’s existing common shares for $207m ($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%.<ref name=mstr>{{cite news|url=http://www.economist.com/displayStory.cfm?Story_ID=187913&source=login_payBarrier|title=
'The mystery of the world’s second-richest businessman'}}</ref> In January 2008, the Prince participated—together with the Singapore government investment corporation and other investors—in a $12.5 Billion capital raise, in an unsuccessful effort to shore up Citi's capital position, but the value of these shares continued to plunge.<ref>{{cite web|url=http://www.forbes.com/lists/2008/10/billionaires08_Prince-Alwaleed-Bin-Talal-Alsaud_0RD0.html |title=#19 Prince Alwaleed Bin Talal Alsaud |publisher=Forbes.com |date=2008-02-11 |accessdate=2010-03-08}}</ref>
'The mystery of the world’s second-richest businessman'}}</ref> In January 2008, the Prince participated—together with the Singapore government investment corporation and other investors—in a $12.5 Billion capital raise, in an unsuccessful effort to shore up Citi's capital position, but the value of these shares continued to plunge.<ref>[http://billionaires.forbes.com/topic/Prince_Alwaleed_Bin_Talal_Alsaud Forbes topic page on Prince Alwaleed] Retreived March 2010</ref>


Later, he also made large investments in [[AOL]], [[Apple Inc.]], [[MCI Inc.]], [[Motorola]], [[News Corporation|News Corporation Ltd]] and other technology and media companies.<ref name="zawya.com">{{cite web|author=http://www.zawya.com/middle-east/business-development/ |url=http://www.zawya.com/cm/profile.cfm/cid120673 |title=Kingdom Holding Company (KHC) - Saudi Arabia - Leisure and Tourism |publisher=Zawya.com |date=2009-06-30 |accessdate=2010-03-08}}</ref>
Later, he also made large investments in [[AOL]], [[Apple Inc.]], [[MCI Inc.]], [[Motorola]], [[News Corporation|News Corporation Ltd]] and other technology and media companies.<ref name="zawya.com">{{cite web|author=http://www.zawya.com/middle-east/business-development/ |url=http://www.zawya.com/cm/profile.cfm/cid120673 |title=Kingdom Holding Company (KHC) - Saudi Arabia - Leisure and Tourism |publisher=Zawya.com |date=2009-06-30 |accessdate=2010-03-08}}</ref>
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*[http://www.harpercollins.com/global_scripts/product_catalog/book_xml.asp?isbn=0060850302 Publisher of his biography]
*[http://www.harpercollins.com/global_scripts/product_catalog/book_xml.asp?isbn=0060850302 Publisher of his biography]
*[http://www.saudi-us-relations.org/newsletter2005/saudi-relations-interest-01-31.html 2005 Interview with Prince AlWaleed ]
*[http://www.saudi-us-relations.org/newsletter2005/saudi-relations-interest-01-31.html 2005 Interview with Prince AlWaleed ]
*[http://billionaires.forbes.com/topic/Prince_Alwaleed_Bin_Talal_Alsaud Forbes topic page on Prince Alwaleed] Retreived March 2010
*[http://www.forbes.com/static/bill2005/LIR0RD0.html?passListId=10&passYear=2005&passListType=Person&uniqueId=0RD0&datatype=Person Forbes World's Richest People 2005]
*[http://www.arabianbusiness.com/index.php?option=com_content&view=article&id=12445 'A day in the desert with Prince Alwaleed', ArabianBusiness.com]
*[http://www.arabianbusiness.com/index.php?option=com_content&view=article&id=12445 'A day in the desert with Prince Alwaleed', ArabianBusiness.com]
*[http://www.economist.com/displaystory.cfm?story_id=187913 The mystery of the world’s second-richest businessman] from [[The Economist]]
*[http://www.economist.com/displaystory.cfm?story_id=187913 The mystery of the world’s second-richest businessman] from [[The Economist]]

Revision as of 12:26, 5 April 2010

23°38′37.40″N 46°40′43.89″E / 23.6437222°N 46.6788583°E / 23.6437222; 46.6788583

Al Waleed bin Talal Al Saud
Born (1955-03-07) March 7, 1955 (age 69)
Jeddah, Saudi Arabia
NationalitySaudi Arabia, Lebanon
Occupationbusinessman

Template:Saudibox begin Template:Saudibox ancestry Template:Saudibox offspring Prince Khaled bin Waleed, Princess Reem bint Waleed, Prince Najem bin Waleed, Princess Mona bint Waleed. Template:Saudibox end

Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud (also spelled Al-Walid) (Arabic: الوليد بن طلال بن عبد العزيز آل سعود; born 7 March 1955) is a member of the Saudi Royal Family. He is the nephew of the Saudi Arabian King Abdullah. An entrepreneur and international investor but without real political power within the House of Saud or in Saudi Arabia, he has amassed a fortune through investments in real estate and the stock market.

As of March 2010, his net worth is estimated at US$19.4 billion, up from $13.3 billion, according to Forbes, making him the 19th richest person in the world on their list published in March 2010.[2] He has been nicknamed by Time magazine as the Arabian Warren Buffett.[3]

Early life

Al-Waleed was born to Prince Talal, son of the founding King of Saudi Arabia, Abdul Aziz Al Saud, and Princess Mona Al-Solh, Daughter of Lebanon's first Prime Minister. He is Prince Talal's second son.

Al-Waleed completed a bachelor of science degree in business administration at Menlo College in 1979 and masters in social science at the Maxwell School of Citizenship and Public Affairs of Syracuse University, in 1985. He was also awarded an honorary PhD from the University of Exeter. Prince Waleed's children are: Prince Khaled and Princess Reem who are from his first wife, Princess Dalal bint Saud bin Abdul Aziz. And Prince Najem and Princess Mona who are from Princess Deborah of Saudi Arabia, whom is one of Waleed bin Talal's current wives. Despite being the nephew of King Abdullah of Saudi Arabia, he has stayed outside of the core of political power in Saudi Arabia, and instead built a large international corporation called the Kingdom Holding Company, through which he makes his investments.

Business interests

Al-Waleed began his business career in 1979 upon graduation from Menlo College. 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 Saudi 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% of Citicorp’s existing common shares for $207m ($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%.[4] In January 2008, the Prince participated—together with the Singapore government investment corporation and other investors—in a $12.5 Billion capital raise, in an unsuccessful effort to shore up Citi's capital position, but the value of these shares continued to plunge.[5]

Later, he also made large investments in AOL, Apple Inc., MCI Inc., Motorola, News Corporation Ltd and other technology and media companies.[6]

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.[7]

In January 2005, Al-Waleed purchased the Savoy Hotel in London for an estimated GBP £250 million, to be managed by Fairmont Hotels, in which 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.

As of 2008, there are plans for the $10 billion construction of the Tallest Building in the World or برج الميل (Arabic for "the Tower of One Mile"), a supertall skyscraper to be the tallest in the world, at one mile (1609 m) in height.

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 by funding centers of American studies and research 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 Giuliani 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."[8]

Palestinians

In 2002, Al-Waleed donated 18.5 million British pounds ($27 million) to the families of Palestinians during a TV telethon following Israeli operations in the West Bank refuge of Jenin in response to a suicide bombing that killed 29 Israelis. The telethon was ordered by Saudi King Fahd to help relatives of Palestinian "martyrs" -- a term that has been used by the Palestinians to include suicide bombers. The Saudi government said the term "martyrs" referred not to suicide bombers but to "Palestinians who are victimized by Israeli terror and violence." However, a member of the Palestinian Legislative Council said that "some money will go to the families of suicide bombers. " [9][10][11]

2005 Indian Ocean earthquake

In 2005, the Prince contributed $17 million to victims of the 2005 Indian Ocean earthquake which resulted in a tsunami.[12]

Harvard University

In April 2009, Prince Waleed bin Talal donated $20 million to Harvard University, one of its 25 largest donations. http://www.islamicstudies.harvard.edu/overview/about_the_donor.php

Academic Awards

B. Sc. in Business Administration, magna cum laude, Menlo College, California, 1979

M.A. in Social Science with honors, Syracuse University, 1985

Assets

Kingdom 5KR

Al-Waleed now owns the yacht Kingdom 5KR, which has a helicopter on board. She is an 85.9-meter (282-foot) yacht, originally built as the "Nabila" for Saudi billionaire, Adnan Khashoggi. She subsequently posed as the Flying Saucer, the yacht of James Bond villain Largo in the film Never Say Never Again. The yacht was later sold to Donald Trump, who renamed her Trump Princess. Al-Waleed bought the yacht after Trump's second bankruptcy.[13]

He has ordered a new yacht currently known as the New Kingdom 5KR which will be about 173 meters (557 feet) long and will cost $500+ million. The yacht is rendered by Lindsay Designs and is expected to be delivered in late 2010.[14]

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 2010.[15][16] This has been noted in the 2009 Guinness World Records as the largest private jet in the world. 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.[17]

Among his many assets are: a 95% stake in Kingdom Holding Company; 100% ownership of Rotana Video & Audio Visual Company; 90% ownership of Lebanese Broadcasting Center ( LBCSAT ); about 6% of Citigroup; 17% of Al Nahar and 25% of Al Diyar, two daily newspapers published in Lebanon.

Prince Al-Waleed tops first Saudi Rich List 2009 with a fortune of $16.3bn. HRH holds a 95 percent stake, although it has been a tough 2009 for the Prince, as his investments across the globe have been hit hard by the global economic crisis.[18]

Palaces

Name City Area (sq m) Coordinates Description
Kingdom Resort Hay al Huda 500,000 24°39′09″N 46°36′11″E / 24.652463°N 46.603076°E / 24.652463; 46.603076 It contains 3 lakes integrated with splendid gardens. This is where he entertains his guests.[19]
Promotion Palace Hay al Huda 250,000 24°38′37″N 46°40′45″E / 24.643587°N 46.679208°E / 24.643587; 46.679208 This palace is frequently shown in videos for the promotion of public relations hich is why locals has dubbed it as promotion palace.[20] It has 3 swimming pools and large splendid palace. The mosque on the left and the palace next to it is also his. According to Time Megazine "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".[21]
Kingdom Oasis Janadriyah 4,000,000 25°02′49″N 46°58′19″E / 25.047°N 46.972035°E / 25.047; 46.972035 Still under construction this 4 million sq m luxury resort will include a 70,000 sq m lake and a private zoo.[19][22]

See also

Further reading

References

  1. ^ Forbes topic page on Prince Alwaleed Retreived March 2010
  2. ^ Forbes topic page on Prince Alwaleed Retreived March 2010
  3. ^ "Your chance to quiz Prince Alwaleed". Arabian Business.
  4. ^ "'The mystery of the world's second-richest businessman'".
  5. ^ Forbes topic page on Prince Alwaleed Retreived March 2010
  6. ^ http://www.zawya.com/middle-east/business-development/ (2009-06-30). "Kingdom Holding Company (KHC) - Saudi Arabia - Leisure and Tourism". Zawya.com. Retrieved 2010-03-08. {{cite web}}: |author= has generic name (help); External link in |author= (help)
  7. ^ Disneyland Resort Paris, Annual review 2007, p. 53
  8. ^ "CNN.com - Giuliani rejects $10 million from Saudi prince - October 12, 2001". Edition.cnn.com. 2001-10-12. Retrieved 2010-03-08.
  9. ^ "The Blood Donors" The Times (London) April 23, 2002, Tuesday BYLINE: Scott Parkes and Nick Day SECTION: Features
  10. ^ Saudi telethon raises $92-million http://www.sptimes.com/2002/04/13/news_pf/Worldandnation/Mideast_notebook.shtml
  11. ^ http://edition.cnn.com/2005/WORLD/asiapcf/01/06/saudi.telethon/index.html
  12. ^ "CNN.com - Saudi telethon raises $77 million - Jan 6, 2005". Edition.cnn.com. Retrieved 2010-03-08.
  13. ^ Prince Al-Waleed's yacht
  14. ^ Agent4Stars.com - Project New Kingdom 5KR
  15. ^ Airbus and Boeing win giant order BBC news - 12 November 2007
  16. ^ "Airbus A380 gets first VIP client". Flight Global.com. 12 November 2007.
  17. ^ 'The mystery of the world’s second-richest businessman'
  18. ^ "Prince Alwaleed tops first Saudi Rich List". Arabian Business. 2009-08-30. Retrieved 2009-08-30.
  19. ^ a b "Rich List 2009". ArabianBusiness.com. Retrieved 2010-03-08.
  20. ^ July 06, 2008 (2008-07-06). "Prince Al-Walid bin Talal palace قصر الوليد بن طلال". YouTube. Retrieved 2010-03-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  21. ^ The Prince And The Portfolio - Time
  22. ^ "Kingdom Oasis". Virtual Globetrotting. 2009-01-05. Retrieved 2010-03-08.
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