However this is a major misconception about Arabs. The reality is not all Arabs are rich and the rich ones are in fact the rulers such as the Kings and Emirs of the Arab countries bordering the Persian Gulf and Arab-African states like Libya. As all the oil revenue goes through the various royal family members and trickles down to the rest of the population.
For example Egypt is the most populous Arab country. Yet this country's population is mainly poor and dependent on bread lines to get their daily rations of subsidized bread. Egypt's oil ran dry a while back and the their natural gas deposits is running low. In contrast the sparsely populated oil rich Gulf States excluding the larger populations of Iraq and Saudi Arabia are immensely wealthy as a result of the tiny local population and the massive wealth made off of their massive oil and natural gas reserves.
Prince Alwaleed Bin Talal Alsaud as a case study....my future BUSINESS PARTNER..lol!
NET WORTH : $18 BILLION as at march 2012
Source of Wealth: Investments, Self-made
Residence: Riyadh, Saudi Arabia
Country of Citizenship: Saudi Arabia
Education: Bachelor of Arts / Science, Menlo College ,United States; Master of Science, Syracuse University , New York, United States
Marital Status: Married
HOW HE MADE "ARAB MONEY"
Al Waleed began his business career in 1979 upon graduation from Menlo College. His 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 crisis. 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 Citigroup earned him the title of "Arabian Warren Buffett".
In 1997, Time Magazine reported that Al Waleed owned about 5 percent of News Corporation. In 2010, Alwaleed's stake in News Corp. was a stake of about 7% worth $3Bn; and News Corp. had a $70 million (9%) investment in Al Waleed's Rotana Group, the Arab World's largest entertainment company. This review of his holdings also referred to the Al Waleed investment AOL as if it was perhaps in the past.
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, he 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%.
In 1999 The Economist expressed doubts about the source of income of Prince Al Waleed and whether he is a front man for other Saudi investors. Because 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.
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.
|The Saudi Prince owns the “Four seasons George V hotel” which is estimated worth $150 million. The well-known businessman has a list of privately owned hotels all over the world, which the billionaire treats as his homes|
|The Prince and Michael JACKSON|
In January 2005, Al Waleed purchased the Savoy Hotel in London for an estimated GBP £250 million, to be managed by Fairmont Hotels and Resorts; his sister, Sultana Nurul 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 and Resorts for an estimated $3.9 billion.
In 2009, Al Waleed is reported to own 35% of Saudi Research and Marketing Group (SRMG), reportedly the largest media company in the Middle East.
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 1,000 metres (3,300 ft) for SR 4.6 billion. The original plan announced in 2008 called it برج الميل (Arabic for "the Tower of One Mile") at 1,609 metres (5,279 ft) and an estimated cost of US$10 billion.
In December 2011, Al Waleed invested $300 Million in Twitter through the purchase of secondary shares from insiders. The purchase gave Kingdom Holding a "more than 3% share" of the company, which was valued at $8Bn in late summer 2011
PERSONAL LIFE : The first wife of Al Waleed was Dalal bint Saud, a daughter of King Saud. They have two children: Reem and Khalid. Princess Dalal Al Sa’ud was married to Prince Al-Walid in 1976. The Prince has two children, a son named Prince Khaled and a daughter Princess Reem out of his marriage with Princess Dalal. However, the marriage couldn’t last long and Prince Al-Walid divorced the Princess.They later divorced.
|Dalal bin Saud, a daughter of King Saud|
Her Highness is a graduate of New Haven University with a degree in Business Administration and is a Board member of Silatech, an international youth employment organization.
|Princess Ameera and the Prince|
|Elegant Princess Ameera and the prince|
In 2010, Al Waleed was given the Dwight D. Eisenhower Award for Innovation. He received the Bahrain Medal of the First Order, the country’s highest honorary medal in late May 2012. He received a Nepalese Honorary Medal of the Third Order "Mahaujjval Rastradip Manpadvi", which is the highest medal for any foreigner, in August 2012.
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.
|Prince Al-Waleed Bin Talal in the conference hall of Boeing 747|
|Al-Waleed bin Talal's conference room in Boeing 747|
|Master dining table in Prince's aircraft|
|Another of his 'AIR TOYS' the Airbus A30|
|A sample master bedroom of Al-Waleed bin Talal's aircraft, Airbus A380|
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.
HIS PALACES :
Kingdom Resort : It contains three lakes integrated with splendid gardens. This is where he entertains his guests, it is located in Hay al Huda
Promotion Palace : 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 : Still under construction this 4 million square metre luxury resort will include a 70,000 square metre lake and a private zoo.
CONTROVERSY AFTER 9/11 : Immediately after the 9/11 attacks, Al Waleed gave a cheque of $10 million to New York City Mayor Rudolf Giuliani. He publicized a written statement upon his donation, stating “At times like this, we must address some of the issues that led to such a criminal attack. I believe the government of the United States of America should re-examine its policies in the Middle East and adopt a more balanced stance toward the Palestinian cause.” As a result of his statement, Giuliani returned the cheque....He isn't scared to speak his mind joor!
Al Waleed spoke to a Saudi weekly magazine, regarding the rejection of his cheque by the mayor: "The whole issue is that I spoke about their position [on the Middle East conflict] and they didn’t like it because there are Jewish pressures and they are afraid of them.
LATEST GIST : Saudi billionaire Prince Alwaleed bin Talal to build world’s tallest tower
Saudi billionaire unveiled plans on Tuesday to build the world’s tallest tower in the Red Sea port city of Jeddah, signing a 4.6 billion riyal ($1.23 billion) contract with Bin Laden Group.
The proposed tower, which will rise more than 1,000 metres and take just over five years to complete, is the centrepiece of the planned Kingdom City development being built outside Jeddah by Prince Alwaleed’s Kingdom Holding .He said ......
" Building this tower in Jeddah sends a financial and economic message that should not be ignored,” Prince Alwaleed told reporters. “It has a political depth to it to tell the world that we Saudis invest in our country despite what is happening around us from events, turmoil and revolutions even."When completed, the tower would replace Dubai’s 828-metre Burj Khalifa as the tallest tower in the world. The Burj Khalifa was built by Emaar Properties for a total cost of $1.5 billion.
According to a statement on company's web site ‘ With a total construction area of over 500,000 square meters, the soaring Kingdom Tower will be a mixed-use building featuring a Four Seasons hotel, Four Seasons serviced apartments, first class office space, luxury condominiums and an observatory that will be higher than the world’s current highest observation deck. The overall construction cost of the tower is $1.2 billion and the overall estimated cost of the entire Kingdom City project is anticipated to be SR75 billion $20 billion”
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