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Al-Waleed bin Talal
From Wikipedia, the free encyclopedia
| Al-Waleed bin Talal |
|---|
| House of Saud |
| Al-Waleed bin Talal bin Abdul Aziz al-Saud |
| Al-Waleed bin Talal | |
|---|---|
| Born | March 7, 1955  Jeddah, Saudi Arabia |
| Residence | Riyadh, Saudi Arabia |
| Nationality | Saudi Arabian/Labanese |
| Alma mater | Menlo College (B.Sc) Syracuse University (M.SocSc) University of Exeter (Honorary PhD) |
| Occupation | Businessman/Investor |
| Years active | since 1979 |
| Known for | Owning The Savoy Hotel (London) |
| Net worth |  $19.6 billion (2011)[1] |
| Religion | Islam |
| Spouse | Dalal bint Saud bin Abdul Aziz Princess Ameerah |
| Children | Prince Khaled Princess Reem |
As of March 2011, his net worth is estimated at US$19.6 billion, according to Forbes, making him the 26th richest person in the world on their list published in March 2011.[2] He has been nicknamed by Time magazine as the Arabian Warren Buffett.[3]
Early life
Al-Waleed bin Talal was born to Talal ibn Abd al-Aziz, 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.He is the basis for the popular rap song, "Arab Money".
[edit] 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]
Later, he also made large investments in AOL, Apple Inc., MCI Inc., Motorola, News Corporation Ltd and other technology and media companies.[5]
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.[6]
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.
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.
In 1997, Time Magazine reported that bin Talal owned about 5% of News Corporation.[7] 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.[8]
[edit] 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.[edit] 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."[9][edit] 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 city of Jenin. 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."[10][edit] 2005 Indian Ocean earthquake
In 2005, the Prince contributed $17 million to victims of the 2004 Indian Ocean earthquake and tsunami.[11][edit] Harvard University
In April 2009, Prince Waleed bin Talal donated $20 million to Harvard University, one of its 25 largest donations.[12][edit] Phillips Andover
in 2002, Al-Waleed donated $500,000 to help fund the George Herbert Walker Bush Scholarship at Phillips Academy in Andover. Massachusetts.[8][edit] Academic Awards
Bachelors of Science in Business Administration, magna cum laude, Menlo College, California, 1979Masters of Social Science with honors, Syracuse University, 1985
[edit] Assets
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.[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 2012.[15][16] 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.[17]
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.[18]
Among his many assets are: a 95% stake in Kingdom Holding Company; 91% ownership of Rotana Video & Audio Visual Company; 90% ownership of Lebanese Broadcasting Center (LBCSAT); 7% of News Corporation; about 6% of Citigroup; 17% of Al Nahar and 25% of Al Diyar, two daily newspapers published in Lebanon.
Prince Al-Waleed topped the first Saudi Rich List issued in 2009, with a fortune of $16.3bn.
Nephew of the Saudi king. Born to Prince Talal, son of the founding King of Saudi Arabia, Abdul Aziz Al Saud, and Princess Mona El-Solh, daughter of Riad El-Solh, the first Prime Minister of modern day Lebanon and a leader of Lebanese independence.
Kingdom Holding contains his investments in well-known companies such as Citigroup and News Corp., as well as Four Seasons Hotels and Fairmont Hotel management companies.
In the early 1990s, Alwaleed made a risky bet on Citigroup that paid off hugely; in recent years it accounted for nearly half his fortune.
In July 2005, he donated $20 million to the Louvre Museum, the largest gift ever to the museum. It will help to fund the construction of a wing for the Louvre's vast collection of Islamic art.
Nicknamed by Time magazine as the Arabian Warren Buffett.
He has ordered a new yacht currently known as the New Kingdom 5KR which will be about 170m long and will costs $500+ million.
He owns 300 cars.
Airbus confirmed that Al-Walid, already owner of a Boeing 747 jet converted to private use, had ordered an Airbus A380, the world's largest passenger aircraft. Outfitted for private use, the aircraft is to be delivered in 2010.
Al-Waleed and his children live in a $100 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. Their royal highnesses can swim in a lagoon-shaped pool, or catch a film in the 45-seat basement cinema.
his investment firm Kingdom Holding invested $400 million in Glencore International's initial public offering, the firm said on Monday.
"(The investment) represents 3.6 percent of the value of shares offered, Kingdom Holding's share is worth $60 million," Kingdom said in a statement.
Prince Alwaleed said: “Investing in this leading company is an extension of Kingdom Holding’s continuous pursuit of solid and distinct investments.”
Ahmed Halawani, executive director of Private Equity and International Investments at Kingdom, added: “With the global economic recovery gaining traction, we have a positive outlook towards commodities. We strongly believe that we are well positioned with a leader in the commodities business and a management with a proven track record. Glencore will prove to be a smart addition to our portfolio of companies.”
Swiss-based commodities trader Glencore made a lukewarm market debut on Thursday that handed it currency for future acquisitions, with its shares struggling to break much above its widely expected launch price of 530 pence.
Despite this appetite for the stock, with many investors left out of the offering after Glencore was flooded with orders for its shares, by the market close the shares had pared those gains to end back unchanged at 530 pence.
On Monday, shares in Glencore dropped more than three percent on the grey market to fresh lows of 506 pence, in line with a battered sector but well below its debut price.
Glencore, the world's largest diversified commodities trader, had said there was strong demand for its stock and had enough buyers to cover its offering of up to $11 billion within hours of starting the sale process earlier this month.
