Al Waleed bin Talal Al Saud ( ar, الوليد بن طلال آل سعود; born 7 March 1955) is a Saudi Arabian billionaire businessman, investor, philanthropist and
royal
Royal may refer to:
People
* Royal (name), a list of people with either the surname or given name
* A member of a royal family
Places United States
* Royal, Arkansas, an unincorporated community
* Royal, Illinois, a village
* Royal, Iowa, a cit ...
. He was listed on ''
Time
Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, to ...
'' magazine's
Time 100
''Time'' 100 (often stylized as ''TIME'' 100) is an annual listicle of the 100 most influential people in the world, assembled by the American news magazine ''Time''. First published in 1999 as the result of a debate among American academics, po ...
, an annual list of the hundred most influential people in the world, in 2008. Al Waleed is a grandson of
Abdulaziz
Abdulaziz ( ota, عبد العزيز, ʿAbdü'l-ʿAzîz; tr, Abdülaziz; 8 February 18304 June 1876) was the 32nd List of sultans of the Ottoman Empire, Sultan of the Ottoman Empire and reigned from 25 June 1861 to 30 May 1876, when he was 187 ...
, the first
king of Saudi Arabia
The king of Saudi Arabia is the monarchial head of state and ruler of Saudi Arabia who holds absolute power. He is the head of the Saudi Arabian royal family, the House of Saud. The king is called the "Custodian of the Two Holy Mosques" (), a ...
, and of
Riad Al Solh
Riad Reda Al Solh ( ar, رياض الصلح; 17 August 1894 – 17 July 1951) was the first prime minister of Lebanon after the country's independence. ,
Lebanon
Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
's first
prime minister
A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is not ...
.
Al Waleed is the founder, chief executive officer and 95 percent owner
[ of the ]Kingdom Holding Company
The Kingdom Holding Company (KHC) ( ar, شركة المملكة القابضة) is a Saudi conglomerate holding company, based in Riyadh. The KHC is a publicly listed company on the Tadawul (Saudi stock exchange). The KHC consists of a select ...
, a company with investments in companies in the financial services, tourism and hospitality, mass media, entertainment, retail, agriculture, petrochemicals, aviation, technology, and real-estate sectors. In 2013, the company had a market capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by t ...
of over $18 billion. He is a minor shareholder in Zaveriwala Holdings LLC, and owns Paris' Four Seasons Hotel George V
Four Seasons Hotel George V ( ) is a luxury hotel on avenue George V in the 8th arrondissement of Paris.
History
The Hotel George V, named for King George V of the United Kingdom, opened in 1928. It was financed, at a cost of $31 million (60 mi ...
and part of New York's Plaza Hotel
The Plaza Hotel (also known as The Plaza) is a luxury hotel and condominium apartment building in Midtown Manhattan in New York City. It is located on the western side of Grand Army Plaza, after which it is named, just west of Fifth Avenue, a ...
. ''Time'' has called him the "Arabian Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net w ...
". In November 2017 ''Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' listed Al Waleed as the 7th-richest man in the world with a net worth of $39.8 billion.
On 4 November 2017, Al Waleed and other prominent Saudis (including fellow billionaires Waleed bin Ibrahim Al Ibrahim
Waleed bin Ibrahim Al Ibrahim ( ar, وليد بن إبراهيم آل إبراهيم ''Walīd bin Ibrahīm Āl Ibrahīm'') (born 1962) is a Saudi Arabian businessman, and founder and chairman of Middle East Broadcasting Center, known as MBC Grou ...
and Saleh Abdullah Kamel
Saleh Abdullah Kamel (1941 – 18 May 2020) ( ar, صالح عبد الله كامل ''Ṣaleḥ 'Abdullāh Kamel'') was a Saudi billionaire businessman. He had a net worth estimated at US$2.3 billion, as of March 2017. He was the chairman and fo ...
) were arrested in Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
, in a purge
In history, religion and political science, a purge is a position removal or execution of people who are considered undesirable by those in power from a government, another organization, their team leaders, or society as a whole. A group undertak ...
that the Saudi government characterized as an anti-corruption drive. The allegations against Al Waleed include money laundering, bribery, and extorting officials.
Some of the detainees have been in the Ritz-Carlton, Riyadh
The Ritz-Carlton, Riyadh (Arabic: فندق الريتز كارلتون بالرياض) is a luxury hotel in Riyadh, Saudi Arabia.
History
Prominent guests
Between 21–22 May 2017, President Donald Trump was a guest at the hotel as it hosted ev ...
, since then. Al Waleed was released from detention on 27 January 2018, following a financial settlement of some kind, after nearly three months in detention.[Ben Hubbard]
Billionaire Saudi Prince, Alwaleed bin Talal, Is Freed From Detention
, ''The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' (27 January 2017). In March 2018 he was dropped from the World's Billionaires
''The World's Billionaires'' is an annual ranking by documented net worth of the wealthiest billionaires in the world, compiled and published in March annually by the American business magazine ''Forbes''. The list was first published in March ...
list due to lack of current information. He was listed in the 'Top 100 most powerful Arabs' from 2013 to 2021 by ''Gulf Business __NOTOC__
''Gulf Business'' is a weekly magazine published from Dubai, United Arab Emirates, and focusing on Middle East business news, especially in GCC countries. It was launched in 1996. It is published in Motivate Media Group.
The magazine ...
''.
Early life and education
Al Waleed bin Talal was born in Jeddah
Jeddah ( ), also spelled Jedda, Jiddah or Jidda ( ; ar, , Jidda, ), is a city in the Hejaz region of the Kingdom of Saudi Arabia (KSA) and the country's commercial center. Established in the 6th century BC as a fishing village, Jeddah's pro ...
on 7 March 1955 to Prince Talal bin Abdulaziz
Talal bin Abdulaziz Al Saud ( ar, طلال بن عبد العزيز آل سعود ''Ṭalāl bin ʿAbdulʿazīz Āl Saʿūd''; 15 August 1931 – 22 December 2018), formerly also called The Red Prince, was a Saudi Arabian politician, dissident, b ...
and Mona El Solh. His father was Saudi Arabia's finance minister during the early 1960s, before he went into exile due to his advocacy for political reform. Al Waleed's paternal grandparents were King Abdulaziz
Abdulaziz bin Abdul Rahman Al Saud ( ar, عبد العزيز بن عبد الرحمن آل سعود, ʿAbd al ʿAzīz bin ʿAbd ar Raḥman Āl Suʿūd; 15 January 1875Ibn Saud's birth year has been a source of debate. It is generally accepted ...
and Munaiyir. His grandmother, an Armenian
Armenian may refer to:
* Something of, from, or related to Armenia, a country in the South Caucasus region of Eurasia
* Armenians, the national people of Armenia, or people of Armenian descent
** Armenian Diaspora, Armenian communities across the ...
, was presented by the emir of Unayzah
Unaizah ( ar, عنيزة ) or officially The Governorate of Unaizah (also spelled Onaizah, Onizah, or Unayzah; ar, محافظة عنيزة ) is a Saudi Arabian city in the Al Qassim Province. It lies south of the province capital Buraydah and n ...
to King Abdulaziz in 1921, when she was 12 years old and Abdulaziz was 45. His maternal grandparents were Riad Al Solh
Riad Reda Al Solh ( ar, رياض الصلح; 17 August 1894 – 17 July 1951) was the first prime minister of Lebanon after the country's independence. , the first prime minister of Lebanon
The Prime Minister of Lebanon, officially the President of the Council of Ministers, is the head of government and the head of the Council of Ministers of Lebanon. The Prime Minister is appointed by the president of Lebanon, with the consent o ...
, and Fayza Al Jabiri, the sister of Syrian Prime Minister
A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is not ...
Saadallah al-Jabiri
Saadallah Al Jabiri ( ar, سعد الله الجابري; 1893–1947) was a Syrian Arab politician, a two-time prime minister and a two-time Minister of Foreign Affairs and Expatriates of Syria.
Jabiri was exiled by the French authorities to t ...
.
Al Waleed's parents separated when he was seven, and he lived with his mother in Lebanon.[ He first attended Pinewood College in Beirut.][ As a boy, he ran away from home for a day or two at a time, sleeping in unlocked cars, before attending the King Abdulaziz Military Academy in Riyadh.][ In 1974, he returned to Lebanon, attending the Choueifat School and then Manor School.][ Al Waleed received a bachelor's degree in business administration from ]Menlo College
Menlo College is a private college specializing in business and is located in Atherton, California.
Campus
Menlo College is situated on 45-acre (0.18 km2) campus in Atherton, California, 25 miles southeast of San Francisco and 20 miles nort ...
in California in 1979, finishing in two-and-a-half years,[ and a master's degree with honors in social science from the ]Maxwell School of Citizenship and Public Affairs
The Maxwell School of Citizenship and Public Affairs (Maxwell School) is the professional public policy school of Syracuse University, a private research university in Syracuse, New York. The school is organized in 11 academic departments and 13 ...
at Syracuse University
Syracuse University (informally 'Cuse or SU) is a Private university, private research university in Syracuse, New York. Established in 1870 with roots in the Methodist Episcopal Church, the university has been nonsectarian since 1920. Locate ...
in 1985, finishing in eleven months.[
]
Business career
Al Waleed began his business career in 1979 after graduating from Menlo College. He returned to Saudi Arabia, which was in the midst of the 1974–85 oil boom
An oil boom is a period of large inflow of income as a result of high global oil prices or large oil production in an economy. Generally, this short period initially brings economic benefits, in terms of increased GDP growth, but might later lead ...
.[Saudi Arabia. Economic Policy During the Oil Boom, 1974–85](_blank)
. country-data.com Operating from a small, four-room cabin in Riyadh and $30,000 start-up money provided by his father, Al Waleed formed Kingdom Establishment in 1980. When that money ran out in a few months, he secured a $300,000 loan from the Saudi American Bank, partly owned by Citibank. Rather than taking a commission for facilitating contracts as the legally required middleman, Al Waleed insisted on a stake in the project. His first success was in 1982, partnering with a South Korean construction company, and from then on, his commissions were used to fund his real estate deals. In his own words, "All the money I used to get from this construction I would plough back into real estate, and in the stock market, both."[
After the end of the Saudi oil boom, Al Waleed acquired the underperforming United Saudi Commercial Bank (USCB). Through mergers with Saudi Cairo Bank (SCB), forming United Saudi Bank (USB), and the Saudi American Bank (SAMBA), it became a leading Middle Eastern bank. The hostile ]takeover
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to t ...
of USCB in 1986, the merger with SCB in 1997, and the merger of USB with SAMBA in 1999, were the first of their kind in the Kingdom. He then secured a majority in Al-Azizia Panda, merging it with the Savola Group
The Savola Group is a Saudi Arabian industrial company. The group's major holdings supply Saudi Arabia, the Middle East and North Africa, and Turkey with edible oils, sugar, fresh dairy products, and restaurants serving fast foods. The group also ...
, and took over National Industrialization Company.[
By 1989, his net worth was $1.4 billion, and included stakes in ]Canary Wharf
Canary Wharf is an area of London, England, located near the Isle of Dogs in the London Borough of Tower Hamlets. Canary Wharf is defined by the Greater London Authority as being part of London's central business district, alongside Central Lo ...
, Four Seasons Hotel Group, and News Corporation. When Al Waleed turned to the international market, he focused on "established brands going through hard times," as Riz Khan puts it. Al Waleed would do his homework, and then wait for the proper purchase entry point. He invested about $250 million in Chase Manhattan, Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
, Manufacturers Hanover
Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufac ...
, and Chemical Bank
Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.
Beginning ...
. After seven months, he sold his stakes in the other banks and concentrated on investing in Citicorp, acquiring 4.9 percent of the bank. Though the worst performing bank of the four, Al Waleed considered Citicorp had the best potential.[
In Sept. 1990, Citibank was undercapitalized due to real estate credit losses and exposure to Latin America debt, prompting a need for a capital reserve. By Nov. they were actively seeking investors. Based on his banking experience in the Kingdom, Al Waleed agreed in Jan. 1991 to invest $590 million, about half his accumulated wealth, in a five-year ]convertible security A convertible security is a financial instrument whose holder has the right to convert it into another security of the same issuer. Most convertible securities are convertible bonds or preferred stocks that pay regular interest and can be converted ...
paying 11 percent interest. By Feb., that took his total investment in Citicorp to $797 million, or about 15 percent of the company. Though he had received a Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
temporary waiver to own such a large portion of the company, Al Waleed sold enough shares in 1993 to get below the 10 percent threshold. Still, he was the largest shareholder in the largest US financial institution at the time. Yet, in Alwaleed's words, "It is not a relationship, it's an alliance. We are there forever with them." Sandy Weill
Sandy may refer to:
People and fictional characters
*Sandy (given name), including a list of people and fictional characters
* Sandy (surname), a list of people
*Sandy (singer), Brazilian singer and actress Sandy Leah Lima (born 1983)
* (Sandy) ...
says of Al Waleed, "I think what he did really saved the bank."
In 1993, Al Waleed purchased a 10 percent stake in Saks Fifth Avenue
Saks Fifth Avenue (originally Saks & Company; Colloquialism, colloquially Saks) is an American Luxury goods, luxury department store chain headquartered in New York City and founded by Andrew Saks. The original store opened in the F Street and ...
for $100 million. A flagship store
A flagship is a vessel used by the commanding officer of a group of naval ships, characteristically a flag officer entitled by custom to fly a distinguishing flag. Used more loosely, it is the lead ship in a fleet of vessels, typically the fi ...
was then opened in Riyadh.[
In 1994, Al Waleed secured a 50 percent controlling interest in Fairmont, and a 22 percent stake in the Four Seasons. In 1995, he bought a 42 percent stake in the Plaza Hotel. Then, in 1996, he bought the George V for $185 million, and spent $120 million renovating it for a reopening in Dec 1999. Regarding Al Waleed's investment in the George V, Issy Sharp states, "...he created value where no one else could..."][
Also in 1994, Al Waleed bought a 24 percent stake in Euro Disney for $345 million.][
In 1995, Kingdom Establishment for Trading and Contracting was reorganized as the Kingdom Holding Company, and Al Waleed announced construction of the ]Kingdom Centre
Kingdom Centre (Arabic: مركز المملكة) is a 41-story, skyscraper in Riyadh, Saudi Arabia. When completed in 2002, it overtook the Faisaliyah Tower as the tallest tower in Saudi Arabia. It has since been surpassed and, , is the fifth ...
, Kingdom Hospital, Kingdom School and Kingdom City. Also in 1995, he bought a 2.3 percent share of Mediaset
Mediaset Italia S.p.A., also known as Mediaset, is an Italian-based mass media company which is the largest commercial broadcaster in the country. The company is controlled by the holding company MFE - MediaForEurope. Founded in 1987 by former ...
after having invested earlier in the Arab Radio and Television Network
Arab Radio and Television Network (acronym: ART) is an Arabic-language television network characterized by its multitude of channels. It is based in Jeddah, Saudi Arabia.
History and profile
ART was founded in October 15, 1993 by Saleh Abdullah ...
, acquiring 30 percent. In Oct. 1995, Al Waleed joined a consortium which paid $1.2 billion for control of Canary Wharf, with his share of the company amounting to 6 percent, costing him $66 million.[
In March 1997, Al Waleed purchased a 5 percent stake in ]Apple Inc.
Apple Inc. is an American multinational technology company headquartered in Cupertino, California, United States. Apple is the largest technology company by revenue (totaling in 2021) and, as of June 2022, is the world's biggest company b ...
, making him the largest shareholder. In Nov. 1997, he purchased 1 percent share of Motorola
Motorola, Inc. () was an American Multinational corporation, multinational telecommunications company based in Schaumburg, Illinois, United States. After having lost $4.3 billion from 2007 to 2009, the company split into two independent p ...
for $287 million and a five percent share of Netscape
Netscape Communications Corporation (originally Mosaic Communications Corporation) was an American independent computer services company with headquarters in Mountain View, California and then Dulles, Virginia. Its Netscape web browser was onc ...
for $146 million, before its purchase by AOL
AOL (stylized as Aol., formerly a company known as AOL Inc. and originally known as America Online) is an American web portal and online service provider based in New York City. It is a brand marketed by the current incarnation of Yahoo (2017 ...
and merger with Time Warner
Warner Media, LLC ( traded as WarnerMedia) was an American multinational mass media and entertainment conglomerate. It was headquartered at the 30 Hudson Yards complex in New York City, United States.
It was originally established in 1972 by ...
. In 2001 and 2002, Al Waleed increased his stake in AOL Time Warner by another $540 million.[ He also invested in MCI, ]Fox Broadcasting
The Fox Broadcasting Company, commonly known simply as Fox and stylized in all caps as FOX, is an American commercial broadcast television network owned by Fox Corporation and headquartered in New York City, with master control operations and ...
and other technology and media companies.
''Time'' reported in 1997 that Al Waleed owned about five percent of News Corporation
News Corporation (abbreviated News Corp.), also variously known as News Corporation Limited, was an American multinational mass media corporation controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in Ne ...
, which he purchased for $400 million, making him the third largest shareholder. In April 1999, Al Waleed purchased an additional $200 million of preferred shares.[ In 2010 his News Corporation stake was about seven percent ($3 billion). Three years later News Corporation had a $175 million (19-percent) investment in Al Waleed's ]Rotana Group
Rotana Media Group, commonly known as Rotana ( ar, روتانا, Rōtānā), is a Saudi Arabian entertainment company. It is primarily owned by Saudi prince Al Waleed bin Talal.
The media conglomerate includes a film production company (Rotana ...
, the Arab world's largest entertainment company. A review of his holdings implied that Al Waleed had sold his investment in AOL.[Gustin, Sam (16 August 2010]
"News Corp., the Saudi Prince and the 'Ground Zero Mosque'"
, ''Daily Finance'' (AOL), via Rich, Frank (21 August 2010
,''The New York Times'', p. WK8 NY ed.. Retrieved 22 August 2010.
In April 1997, Al Waleed purchased a 4 percent stake in Planet Hollywood
Planet Hollywood International Inc. (stylized as planet Hollywood, planet Hollywood observatory and ph) is a themed restaurant chain inspired by the popular portrayal of Hollywood. The company is owned by Earl Enterprises corporation. Earl En ...
for $57 million, and another 16 percent in Nov 1998 for $45 million.[
In Oct. 1997, Al Waleed bought 27 percent of ]Mövenpick Hotels & Resorts
Mövenpick Hotels & Resorts (; ) is a Swiss hotel management company headquartered in Baar, Switzerland. It is fully owned by AccorHotels since the September 2018 acquisition from former shareholders Mövenpick Holding (66.7%) and the Saudi- ...
, which he increased to 33 percent in 2003.[
In 1999, '']The Economist
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
'' expressed doubts about the source of his income, wondering if he was a front man for other Saudi investors:
He has not earned enough income from his investments to pay for all that he has spent in the 1990s. The mystery goes back to that first stake in Citicorp. The prince has declared that this money came entirely from his personal funds. He says he started out in 1979 with a loan of just $30,000 from his father. He also mortgaged a house that his father had given him, raising something like $400,000. And each month, as a grandson of Ibn Saud, he receives $15,000. 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.
Al Waleed invested in WorldCom
MCI, Inc. (subsequently Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunic ...
, Priceline.com
Priceline.com is an online travel agency for finding discount rates for travel-related purchases such as airline tickets and hotel stays. The company facilitates the provision of travel services from its suppliers to its clients. Priceline.com ...
, Coca-Cola
Coca-Cola, or Coke, is a carbonated soft drink manufactured by the Coca-Cola Company. Originally marketed as a temperance drink and intended as a patent medicine, it was invented in the late 19th century by John Stith Pemberton in Atlanta ...
, and Ford Motor Company
Ford Motor Company (commonly known as Ford) is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobi ...
, totaling almost $2 billion. In Asia, he bought 5.9 percent of Daewoo
Daewoo ( ; Hangul: , Hanja: , ; literally "great universe" and a portmanteau of "dae" meaning great, and the given name of founder and chairman Kim Woo-choong) also known as the Daewoo Group, was a major South Korean chaebol (type of conglomerat ...
for $50 million, which he increased to 18 percent with an additional $100 million investment, 3 percent of PROTON Holdings
Proton Holdings Berhad (PHB; informally Proton) is a Malaysian automotive company and automobile corporation active in automobile design, manufacturing, distribution and sales. Proton was established in 1985 as Malaysia's sole national badged ...
for $46 million, 3 percent of Ong Beng Seng
Dato' Ong Beng Seng ( born January 1946) is a Singapore-based Malaysian billionaire businessman and husband of Christina Ong. He is the founder of the Singapore-based organisation Hotel Properties, and a shareholder in many businesses. ''Forbes' ...
's Hotel Properties Ltd., and $50 million worth of Hyundai Motor Company
Hyundai Motor Company, often abbreviated to Hyundai Motors ( )
and commonly known as Hyundai (, ; ), is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea, and founded in 1967. Currently, the company o ...
bonds. In Africa, he invested $50 million, acquiring 10 percent of Sonatel
Sonatel ''()'' is the principal telecommunications provider of Senegal. The company is active in fixed line telephony, mobile telephony, internet service, television and corporate telecommunications. The company is involved in the construction ...
, 10 percent of Ecobank
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate, with banking operations in 36 African countries. It is the leading independent regional banking group in West Africa and Central Africa, se ...
, 13.7 percent of United Bank for Africa
United Bank for Africa Plc (UBA) is a Multinational pan-African financial services group headquartered in Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York. In Dece ...
, and 14 percent of CAL Bank
CalBank is a commercial bank in Ghana, that is
licensed by the Bank of Ghana, the central bank and national banking regulator.
Location
The headquarters of CalBank and its main branch are located at 23 Independence Avenue, in the central bu ...
. Investments which turned out poorly included WorldCom, Priceline, Teledesic
Teledesic was a company founded in the 1990s to build a commercial broadband satellite internet constellation. Using low-Earth-orbiting satellites small antennas could be used to provide uplinks of as much as 100 Mbit/s and downlinks of up to 720 ...
, and KirchMedia
KirchGruppe (KirchGroup) was a German media group founded by Leo Kirch (1926–2011) in the 1960s. By 2000, it controlled a 52.5 percent stake in what would become the country's biggest broadcaster.
The group collapsed in 2002 largely due to the ...
, besides Planet Hollywood and Euro Disney.[
His stake in Apple was sold in 2005.][ Al Waleed also invested in Eastman ]Kodak
The Eastman Kodak Company (referred to simply as Kodak ) is an American public company that produces various products related to its historic basis in analogue photography. The company is headquartered in Rochester, New York, and is incorpor ...
and TWA
Trans World Airlines (TWA) was a major American airline which operated from 1930 until 2001. It was formed as Transcontinental & Western Air to operate a route from New York City to Los Angeles via St. Louis, Kansas City, and other stops, with ...
, both of which performed moderately well.
In 2002, Al Waleed formed Kingdom Hotel Investments to oversee his hotel assets.[
By 2003, Al Waleed owned 100 percent of Rotana, and 49 percent of ]LBC Sat
The Lebanese Broadcasting Corporation International ( ar, المؤسسة اللبنانية للإرسال انترناسيونال), widely known as LBCI, is a private television station in Lebanon. LBCI was founded in 1992 by acquiring the asse ...
.[
His real-estate holdings included large stakes in the ]Four Seasons Hotels and Resorts
Four Seasons Hotels Limited, trading as Four Seasons Hotels and Resorts, is an international luxury hotel and resort company headquartered in Toronto, Ontario, Canada. Four Seasons currently operates more than 100 hotels and resorts worldwide.Da ...
and New York's Plaza Hotel
The Plaza Hotel (also known as The Plaza) is a luxury hotel and condominium apartment building in Midtown Manhattan in New York City. It is located on the western side of Grand Army Plaza, after which it is named, just west of Fifth Avenue, a ...
; Al Waleed sold half his shares in the Plaza in August 2004. He has invested in London's Savoy Hotel
The Savoy Hotel is a luxury hotel located in the Strand in the City of Westminster in central London, England. Built by the impresario Richard D'Oyly Carte with profits from his Gilbert and Sullivan opera productions, it opened on 6 August 188 ...
and Monaco's Monte Carlo Grand Hotel. Al Waleed holds a ten-percent stake in Euro Disney S.C.A.
Euro Disney S.A.S. is a wholly owned subsidiary of The Walt Disney Company responsible for Disneyland Paris in Marne-la-Vallée, France.
Disneyland Paris comprises Disneyland Park, Walt Disney Studios Park, Disney Village, and seven on-site Dis ...
, the company which owns, manages and maintains Disneyland Paris
Disneyland Paris is an entertainment resort in Chessy, France, east of Paris. It encompasses two theme parks, resort hotels, Disney Nature Resorts, a shopping, dining and entertainment complex, and a golf course. Disneyland Park is the origin ...
in Marne-la-Vallée
Marne-la-Vallée () is a new town located near Paris, France.
Disneyland Paris, Walt Disney Studios Park, Val d'Europe, Université Paris-Est Marne-la-Vallée, ESIEE Paris, and École des Ponts ParisTech are located in Marne-la-Vallée.
Statu ...
.[
The 2004 ''Forbes'' list of wealthiest people had Al Waleed fourth, with a net worth of $21.5 billion. More than $1.3 billion was in hotel holdings.][
]
In January 2005, Al Waleed purchased the Savoy Hotel in London for an estimated £250 million, to be managed by Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a global chain of luxury hotels that operates more than 70 properties worldwide, with a strong presence in Canada.
The company originated from two hotel businesses established in the late 19th century, the Canadian Pa ...
; his sister, Sultana Nurul, owns an estimated 16 percent stake. In January 2006, in partnership with the U.S. real-estate firm Colony NorthStar
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, Digita ...
, Kingdom Holding acquired Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
-based Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a global chain of luxury hotels that operates more than 70 properties worldwide, with a strong presence in Canada.
The company originated from two hotel businesses established in the late 19th century, the Canadian Pa ...
for an estimated $3.9 billion. It was reported in 2009 that Al Waleed owned 35 percent of Research and Marketing Group (SRMG), a large mid-east media company.
In August 2011, Al Waleed announced that his company had contracted with the Saudi Binladin Group
Saudi Binladin Group (SBG) is a Saudi construction company headquartered in Jeddah, Hejaz. It is the largest construction company of the Middle East. The company is owned primarily by the Bin Laden family.
Founded by Muhammad Binladin in 1931, ...
to build the world's tallest building, the Kingdom Tower
Jeddah Tower ( ar, برج جدة), previously known as Kingdom Tower (), is a skyscraper construction project currently on hold. Located on the north side of Jeddah, Saudi Arabia, it is planned to be the first tall building, and the centrep ...
(at a height of at least ) for SR 4.6 billion. The original plan—announced in 2008—called it برج الميل (Arabic for "One-Mile Tower"), at a height of and an estimated cost of $20 billion.
In December 2011, Al Waleed invested $300 million in Twitter, purchasing secondary shares from insiders. The purchase gave Kingdom Holding a "more than 3% share" in the company, which was valued at $8 billion in late summer 2011.[Knickmeyer, Ellen]
"Saudi prince invests $300M for 3% stake in Twitter"
, ''Zawya Dow Jones'' via affiliate ''Market Watch
This is a list of programs broadcast by CNBC. CNBC is an American basic cable, internet and business news television channel owned by NBCUniversal News Group, a division of NBCUniversal, which is owned by Comcast. It was originally established ...
'', 19 December 2011. Retrieved 19 December 2011
In 2015, he announced that he would donate his fortune to charity at an unspecified date. He had previously donated $3.5 billion over the course of 35 years through his charitable organization Alwaleed Philanthropies.
From 2015 to 2021, he lost several lawsuits against Pierre El Daher
Pierre Youssef El Daher ( ar, بيار يوسف الضاهر, born 4 October 1957) is a Lebanese people, Lebanese businessman and the CEO of the Lebanese Broadcasting Corporation International, Lebanese Broadcasting Corporation International ( ...
, CEO of LBCI, and would be required to pay $22m, due to breaches in contract conditions with the Lebanese broadcaster.
In May 2022, he was listed as committing to purchase approximately 35 million shares of Twitter
Twitter is an online social media and social networking service owned and operated by American company Twitter, Inc., on which users post and interact with 280-character-long messages known as "tweets". Registered users can post, like, and ...
Inc. at or immediately prior to the purchase of Twitter by Elon Musk
Elon Reeve Musk ( ; born June 28, 1971) is a business magnate and investor. He is the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of The Bori ...
and other private-equity investors behind Musk's bid.
Arrest and release
On 4 November 2017, Al Waleed was arrested in Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
in a "corruption crackdown" conducted by a new royal anti-corruption committee. This was done on authority of Crown Prince Mohammad bin Salman
Mohammed bin Salman Al Saud ( ar, محمد بن سلمان آل سعود, translit=Muḥammad bin Salmān Āl Su‘ūd; born 31 August 1985), colloquially known by his initials MBS or MbS, is Crown Prince and Prime Minister of Saudi Arabia. H ...
, his cousin (both are grandsons of Ibn Saud
Abdulaziz bin Abdul Rahman Al Saud ( ar, عبد العزيز بن عبد الرحمن آل سعود, ʿAbd al ʿAzīz bin ʿAbd ar Raḥman Āl Suʿūd; 15 January 1875Ibn Saud's birth year has been a source of debate. It is generally accepted ...
, first monarch
A monarch is a head of stateWebster's II New College DictionarMonarch Houghton Mifflin. Boston. 2001. p. 707. Life tenure, for life or until abdication, and therefore the head of state of a monarchy. A monarch may exercise the highest authority ...
and founder of Saudi Arabia), with the aim of consolidating his position.
Just days before his arrest, Al Waleed reportedly contacted US-based Saudi journalist Jamal Khashoggi
Jamal Ahmad Khashoggi (; ar, جمال أحمد خاشقجي, Jamāl ʾAḥmad Ḵāšuqjī, ; 13 October 1958 – 2 October 2018) was a Saudi journalist, dissident, author, columnist for ''Middle East Eye'' and ''The Washington Post'', and a ge ...
(who had publicly criticized the Saudi government in the past) and invited him to return to the Kingdom to contribute to Mohammad bin Salman's vision.
The authorities in Saudi Arabia were demanding at least $6 billion from Prince Al Waleed bin Talal in exchange of his release.
In total, 320 princes, ministers and businessmen were detained at the five-star Ritz-Carlton Hotel
The Ritz-Carlton Hotel Company, LLC is an American multinational company that operates the luxury hotel chain known as The Ritz-Carlton. The company has 108 luxury hotels and resorts in 30 countries and territories with 29,158 rooms, in addit ...
in Riyadh. Al Waleed was released from detention in late January 2018, nearly three months after his arrest, after he and most of the other Saudi notables arrested the previous year had made a financial settlement of some kind with the Saudi government. Prince Mutaib bin Abdullah
Mutaib bin Abdullah Al Saud ( ar, متعب بن عبد الله آل سعود, ''Mutaʿib bin ʿAbdullāh ʾĀl Suʿūd'', alternative spelling Miteb; born 26 March 1952) is a Saudi prince and military officer who served as Saudi Arabia's ministe ...
, the son of the late King Abdullah (1924–2015), was released after paying a reported $1 billion. According to a Wall Street Journal report, the price for his release was $6 billion.
The Saudi Arabia government did not disclose charges or produce evidence and the negotiations were held in secret.
''Forbes'' dispute
In 2013, Kerry Dolan
Kerry or Kerri may refer to:
* Kerry (name), a given name and surname of Gaelic origin (including a list of people with the name)
Places
* Kerry, Queensland, Australia
* County Kerry, Ireland
** Kerry Airport, an international airport in County ...
, editor of ''Forbes'' annual billionaires' list, wrote an article accompanying the list entitled "Prince Alwaleed and the Curious Case of Kingdom Holding Stock".[ According to Dolan, Al Waleed attached great importance to the ''Forbes'' list and she alleged a correlation between changes in the share price of Kingdom Holdings and the annual run-up to the list's publication.][ In the ''Forbes'' article, Dolan wrote that Al Waleed would blind copy Dolan on text messages he sent to prominent people in an attempt to impress her. She spent a week with him in Riyadh in 2008, at his behest, touring his palaces. In 2006 ''Forbes'' estimated Al Waleed's net worth at $7 billion less than he claimed. He telephoned Dolan at home, according to the editor, "nearly in tears".][ Al Waleed had Kingdom Holding's chief financial officer fly to New York before a previous list was published to ensure that ''Forbes'' used his stated numbers.][
The article explains the methodology behind ''Forbes'' 2013 estimate of his wealth at $20 billion, examines Kingdom Holdings' share performance and contains Dolan's communications with Kingdom Holdings CFO Shadi Sanbar. Sanbar demanded that Al Waleed's name be removed from the billionaires' list if ''Forbes'' did not increase its valuation of his wealth.][ Dolan wrote, "As ''Forbes'' asked increasingly specific questions in the process of fact-checking this story, the prince acted unilaterally the day before it was published, announcing through his office that he would 'sever ties' with the list."][ Sanbar said in a press release, "Prince Alwaleed has taken this step as he felt he could no longer participate in a process which resulted in the use of incorrect data and seemed designed to disadvantage Middle Eastern investors and institutions."][
Al Waleed said in a March 2013 interview with '']The Sunday Telegraph
''The Sunday Telegraph'' is a British broadsheet newspaper, founded in February 1961 and published by the Telegraph Media Group, a division of Press Holdings.
It is the sister paper of ''The Daily Telegraph
''The Daily Telegraph'', kn ...
'' that he would pursue legal action against ''Forbes''. "They are accusing me of market manipulation
In economics and finance, market manipulation is a type of market abuse where there is a deliberate attempt to interfere with the free and fair operation of the market; the most blatant of cases involve creating false or misleading appearances ...
," Al Waleed said. "This is all wrong and a false statement. We will fight it all the way against ''Forbes''." He called the ''Forbes'' list "flawed and inaccurate", saying that it "displays bias against Middle East investors and financial institutions."
''The Guardian
''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
'' reported that on 6 June 2013, Al Waleed had brought a defamation claim in London against the publisher of ''Forbes''; its editor, Randall Lane, and two journalists from the magazine. ''Forbes'' expressed surprise at the libel action and the fact that it was filed in London.[ According to the magazine, "The Prince's suit would be precisely the kind of libel tourism that the UK's recently passed libel reform law is intended to thwart. We would anticipate that the London high court will agree. ''Forbes'' stands by its story."][ As of 20 June, ''Forbes'' had not been served with papers.]
A statement issued by the Kingdom Holding Company
The Kingdom Holding Company (KHC) ( ar, شركة المملكة القابضة) is a Saudi conglomerate holding company, based in Riyadh. The KHC is a publicly listed company on the Tadawul (Saudi stock exchange). The KHC consists of a select ...
accused ''Forbes'' of publishing a "deliberately insulting and inaccurate description of the business community in Saudi Arabia and specifically, ''Forbes'' denigration of the Saudi stock exchange (Tadawul
Saudi Stock Exchange () or Tadāwul () is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an info ...
), which is one of the most regulated in the world". According to Al Waleed, the magazine used an "irrational and deeply flawed valuation methodology, which is ultimately subjective and discriminatory".
On 16 June 2015, ''Forbes'' and Al Waleed released a joint statement announcing that they had settled their dispute "on mutually agreeable terms". The opening of the Saudi stock exchange to foreign investors was cited as key in the defendants' willingness to consider the stock price of Al Waleed's publicly traded Kingdom Holding Company in valuing the KHC component of his wealth.
Political views
Al Waleed tweeted a statement with a picture of himself holding an honorary Palestinian passport, "In response to the news of the visit to Israel: I have not and will not visit Jerusalem or pray inside it until its liberation from the Zionist enemy. And I carry an honorary Palestinian passport".
In 2015, Al Waleed was criticised for offering to buy Bentley cars for Saudi fighter pilots involved in the Saudi Arabian-led intervention in Yemen Saudi may refer to:
* Saudi Arabia
* Saudis, people from Saudi Arabia
* Saudi culture, the culture of Saudi Arabia
* House of Saud
The House of Saud ( ar, آل سُعُود, ʾĀl Suʿūd ) is the ruling royal family of Saudi Arabia. It is c ...
. In a tweet later deleted, he said: "In appreciation of their role in this operation, I'm honoured to offer 100 Bentley cars to the 100 Saudi ighterpilots".
Philanthropy
In July 1997, Al Waleed invested $10 million with the Palestinian Investment and Development Company (PADICO), and then helped cofound the Jerusalem Development and Investment Company (JEDICO).[
In 2002, Al Waleed donated $500,000 to help fund the ]George Herbert Walker Bush
George Herbert Walker BushSince around 2000, he has been usually called George H. W. Bush, Bush Senior, Bush 41 or Bush the Elder to distinguish him from his eldest son, George W. Bush, who served as the 43rd president from 2001 to 2009; pr ...
scholarship at Phillips Academy
("Not for Self") la, Finis Origine Pendet ("The End Depends Upon the Beginning") Youth From Every Quarter Knowledge and Goodness
, address = 180 Main Street
, city = Andover
, state = Ma ...
in Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was settled in 1642 and incorporated in 1646."Andover" in ''The New Encyclopædia Britannica''. Chicago: Encyclopædia Britannica Inc., 15th ed., 1992, Vol. 1, p. 387. As of th ...
. and donated £18.5 million to Palestinian families during a TV telethon
A telethon (a portmanteau of "television" and "marathon") is a televised fundraising event that lasts many hours or even days, the purpose of which is to raise money for a charitable, political or other purportedly worthy cause.
Most telethons f ...
ordered by Saudi King Fahd to help relatives of Palestinians after Israeli operations in the West Bank
The West Bank ( ar, الضفة الغربية, translit=aḍ-Ḍiffah al-Ġarbiyyah; he, הגדה המערבית, translit=HaGadah HaMaʽaravit, also referred to by some Israelis as ) is a landlocked territory near the coast of the Mediter ...
city of Jenin
Jenin (; ar, ') is a Palestinian city in the northern West Bank. It serves as the administrative center of the Jenin Governorate of the State of Palestine and is a major center for the surrounding towns. In 2007, Jenin had a population of app ...
. In 2004, he contributed $17 million to victims of the 2004 Indian Ocean earthquake and tsunami
An earthquake and a tsunami, known as the Boxing Day Tsunami and, by the scientific community, the Sumatra–Andaman earthquake, occurred at 07:58:53 local time (UTC+7) on 26 December 2004, with an epicentre off the west coast of northern Suma ...
.
On 1 July 2015, Al Waleed held a press conference announcing his intention to donate $32 billion to philanthropic causes. He said that the funds would be used for humanitarian projects such as the empowerment of women and youth, disaster relief, disease eradication and building bridges of understanding between cultures.
Donation after 11 September attacks
After the 11 September attacks
The September 11 attacks, commonly known as 9/11, were four coordinated Suicide attack, suicide List of terrorist incidents, terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, ...
, Al Waleed gave a cheque for $10 million to New York City Mayor Rudy Giuliani
Rudolph William Louis Giuliani (, ; born May 28, 1944) is an American politician and lawyer who served as the 107th Mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney General from 1981 to 198 ...
, despite Saudi opposition. In a written statement after his donation, Al Waleed said: "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 that statement, Giuliani returned his cheque. Al Waleed said to a Saudi weekly magazine about Giuliani's rejection of his check, "The whole issue is that I spoke about their position n the Middle East conflict
N, or n, is the fourteenth letter in the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''en'' (pronounced ), plural ''ens''.
History
...
and they didn't like it because there are Jewish pressures and they are afraid of them."
Giuliani replied to this by suggesting that Al Waleed's comment was actually part of the problem: "There is no moral equivalent for this erroristact. There is no justification for it... And one of the reasons I think this happened is because people were engaged in moral equivalency in not understanding the difference between liberal democracies
Liberal democracy is the combination of a liberal political ideology that operates under an indirect democratic form of government. It is characterized by elections between multiple distinct political parties, a separation of powers into diff ...
like the United States, like Israel, and terrorist states and those who condone terrorism. So I think not only are those statements wrong, they're part of the problem."
Western universities
In 2005, Al Waleed gave Georgetown University
Georgetown University is a private university, private research university in the Georgetown (Washington, D.C.), Georgetown neighborhood of Washington, D.C. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789 as Georg ...
$20 million to create the Prince Alwaleed bin Talal Center for Muslim-Christian Understanding (ACMCU) in the university's School of Foreign Service
The Edmund A. Walsh School of Foreign Service (SFS) is the school of international relations at Georgetown University in Washington, D.C. It is considered to be one of the world's leading international affairs schools, granting degrees at both ...
, the second largest donation in the school's history. On 8 May 2008, Al Waleed gave £16 million to Edinburgh University
The University of Edinburgh ( sco, University o Edinburgh, gd, Oilthigh Dhùn Èideann; abbreviated as ''Edin.'' in post-nominals) is a public research university based in Edinburgh, Scotland. Granted a royal charter by King James VI in 1582 ...
to fund a "centre for the study of Islam in the contemporary world". He has also endowed the Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud Center for American Studies and Research (CASAR). The Institute for Computational Biomedicine at Weill Cornell Medical College is named for Al Waleed. The Centre of Islamic Studies at the University of Cambridge
, mottoeng = Literal: From here, light and sacred draughts.
Non literal: From this place, we gain enlightenment and precious knowledge.
, established =
, other_name = The Chancellor, Masters and Schola ...
and the Islamic Studies Program at Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
are also named after him. At his alma mater Syracuse University
Syracuse University (informally 'Cuse or SU) is a Private university, private research university in Syracuse, New York. Established in 1870 with roots in the Methodist Episcopal Church, the university has been nonsectarian since 1920. Locate ...
, Al Waleed is an honorary member of the advisory board of the Maxwell School of Citizenship and Public Affairs
The Maxwell School of Citizenship and Public Affairs (Maxwell School) is the professional public policy school of Syracuse University, a private research university in Syracuse, New York. The school is organized in 11 academic departments and 13 ...
.
First Saudi female pilot
Al Waleed is considered a proponent of female emancipation in the Saudi world. He financed the training of Hanadi Zakaria al-Hindi
Hanadi Zakaria al-Hindi ( ar, هنادي زكريا الهندي) is the first Saudi woman to become a pilot. She was born in Mecca in September 1978. She passed her final exams at the Middle East Academy for Commercial Aviation in Amman, Jordan ...
as the first Saudi woman commercial airline pilot, and said at her graduation that he is "in full support of Saudi ladies working in all fields". Al-Hindi became certified to fly within Saudi Arabia in 2014.
Assets
Al Waleed owns the 65th-largest private yacht
A yacht is a sailing or power vessel used for pleasure, cruising, or racing. There is no standard definition, though the term generally applies to vessels with a cabin intended for overnight use. To be termed a , as opposed to a , such a pleasu ...
in the world, the ''Kingdom 5KR
''Kingdom 5KR'' (originally named ''Nabila'') is an 85.65-metre (281 ft) Luxury yacht, superyacht built for Saudi billionaire Adnan Khashoggi that is now owned by Saudi business magnate Al-Waleed bin Talal.
Overview
The yacht was built ...
'' (originally built as the ''Nabila'' for Saudi Saudi may refer to:
* Saudi Arabia
* Saudis, people from Saudi Arabia
* Saudi culture, the culture of Saudi Arabia
* House of Saud
The House of Saud ( ar, آل سُعُود, ʾĀl Suʿūd ) is the ruling royal family of Saudi Arabia. It is c ...
arms dealer Adnan Khashoggi
Adnan Khashoggi ( ar, عدنان خاشقجي, ‘Adnān Khāshuqjī; 25 July 1935 – 6 June 2017) was a Saudi businessman and arms dealer known for his lavish business deals and lifestyle. He was estimated to have had a peak net worth ...
in 1979). In 1983, owned by Khashoggi, it appeared as the ''Flying Saucer'' (the yacht of James Bond
The ''James Bond'' series focuses on a fictional British Secret Service agent created in 1953 by writer Ian Fleming, who featured him in twelve novels and two short-story collections. Since Fleming's death in 1964, eight other authors have ...
's villain, Largo) in ''Never Say Never Again
''Never Say Never Again'' is a 1983 spy film directed by Irvin Kershner. The film is based on the 1961 James Bond novel '' Thunderball'' by Ian Fleming, which in turn was based on an original story by Kevin McClory, Jack Whittingham, and Flemi ...
''. It was sold to Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
, who renamed her the ''Trump Princess''. Al Waleed bought the yacht after Trump experienced financial problems in the late 1980s.
Al Waleed ordered a yacht known as the ''New Kingdom 5KR'', about long with an estimated cost of over $500 million. The yacht is designed by Lindsey Design, and its design was delivered in late 2010.
He owns several aircraft converted for private use: a Boeing 747
The Boeing 747 is a large, long-range wide-body airliner designed and manufactured by Boeing Commercial Airplanes in the United States between 1968 and 2022.
After introducing the 707 in October 1958, Pan Am wanted a jet times its size, t ...
, an Airbus 321
The Airbus A321 is a member of the Airbus A320 family of short to medium range, narrow-body, commercial passenger twin engine jet airliners; it carries 185 to 236 passengers. It has a stretched fuselage which was the first derivative of the ba ...
and a Hawker Siddeley 125. Al Waleed was the first individual to purchase an Airbus A380
The Airbus A380 is a large wide-body airliner that was developed and produced by Airbus. It is the world's largest passenger airliner and only full-length double-deck jet airliner.
Airbus studies started in 1988, and the project was annou ...
and was due to take delivery of it in the spring of 2013, but it was sold before delivery.[
Among his assets are a 95-percent stake in Kingdom Holding Company; 91-percent ownership of Rotana Video and Audio Visual Company; 90-percent ownership of the ]Lebanese Broadcasting Corporation
The Lebanese Broadcasting Corporation International ( ar, المؤسسة اللبنانية للإرسال انترناسيونال), widely known as LBCI, is a private television station in Lebanon. LBCI was founded in 1992 by acquiring the asse ...
; seven-percent ownership of News Corporation
News Corporation (abbreviated News Corp.), also variously known as News Corporation Limited, was an American multinational mass media corporation controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in Ne ...
; about six-percent ownership of Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
, and a 17-percent ownership of ''Al Nahar
al-Nahr ( ar, النهر), was a Palestinian village northeast of Acre. It was depopulated in May 1948 after a military assault carried out by the Carmeli Brigade as part of the Israel Defense Forces's Operation Ben-Ami. Immediately after the a ...
'' and a 25-percent ownership of ''Ad-Diyar
''Ad-Diyar'' ( ar, الديار, lit=The Home) is an Arabic-language daily newspaper published in Beirut, Lebanon, which has been in circulation since 1941.
History
''Ad Diyar'' was first published in 1941 as an Arabic political daily that is pu ...
'' (two daily newspapers published in Lebanon
Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
). Al Waleed topped the first Saudi Rich List in 2009, with assets of $16.3 billion.
Palaces
Al Waleed owns three palaces: two existing and a third under construction. The Kingdom Palace, in central Riyadh, is his primary home. According to ''Time'' magazine, "Al Waleed lives in Riyadh, Saudi Arabia in a $130 million sand-colored palace whose 317 rooms are adorned with 1,500 tons of Italian marble, silk oriental carpets, gold-plated faucets and 250 TVs. 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". The Kingdom Resort, also in central Riyadh, has three lakes interspersed with gardens. The Kingdom Oasis, under construction, will have a lake and a private zoo.
Awards
Al Waleed received the first order of the Order of King Abdulaziz
The Order of King Abdulaziz is a Saudi Arabian order of merit. The order was named after Abdulaziz Al Saud, founder of the modern Saudi state.
History
In 1971, the introduction of orders was announced in a decree. It was instituted by King Fais ...
of Saudi Arabia in 2002 and is a recipient of the Lebanese National Order of the Cedar
National may refer to:
Common uses
* Nation or country
** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen
Places in the United States
* National, Maryland, ce ...
.[ On 2 December 2009, he received the Order of Izzudin from ]Maldives
Maldives (, ; dv, ދިވެހިރާއްޖެ, translit=Dhivehi Raajje, ), officially the Republic of Maldives ( dv, ދިވެހިރާއްޖޭގެ ޖުމްހޫރިއްޔާ, translit=Dhivehi Raajjeyge Jumhooriyyaa, label=none, ), is an archipelag ...
President Mohamed Nasheed
Mohamed Nasheed GCSK (; born 17 May 1967) is a Maldivian politician and activist currently serving as the 19th speaker of the People's Majlis since May 2019. A founding member of the Maldivian Democratic Party, he served as President of the ...
; that year he also received the Star of Palestine, the highest honour conferred by the State of Palestine
Palestine ( ar, فلسطين, Filasṭīn), Legal status of the State of Palestine, officially the State of Palestine ( ar, دولة فلسطين, Dawlat Filasṭīn, label=none), is a state (polity), state located in Western Asia. Officiall ...
. In 2010, Al Waleed received 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 the Nepalese third-order Mahaujjval Rastradip Manpadvi, the highest award bestowed on a foreigner, and Guinea-Bissau
Guinea-Bissau ( ; pt, Guiné-Bissau; ff, italic=no, 𞤘𞤭𞤲𞤫 𞤄𞤭𞤧𞤢𞥄𞤱𞤮, Gine-Bisaawo, script=Adlm; Mandinka: ''Gine-Bisawo''), officially the Republic of Guinea-Bissau ( pt, República da Guiné-Bissau, links=no ) ...
's Colina De Boe Medal in August 2012. In June 2013 Al Waleed was made Grand Commander of the Order of the Republic of Sierra Leone
Sierra Leone,)]. officially the Republic of Sierra Leone, is a country on the southwest coast of West Africa. It is bordered by Liberia to the southeast and Guinea surrounds the northern half of the nation. Covering a total area of , Sierra ...
(GCRSL), the country's highest honour. On 13 December 2014, he was made an Honorary Companion of the National Order of Merit of the Republic of Malta.
Honours
Saudi Arabian national honours
Foreign honors
Personal life
Al Waleed has been married four times.[Royal Saudi couple's divorce is 'amicable']
Richard Johnson. Page Six. NYPost.com 20 November 2013. Retrieved 13 December 2015 There is another report stating that he has been married seven times. His first marriage was in 1976, at the age of 19.[ His first wife was his Cousin marriage in the Middle East, cousin, Princess ]Dalal bint Saud
Dalal bint Saud Al Saud (1957 – 10 September 2021) was a Saudi Arabian activist and philanthropist. A member of the House of Saud, she was known for her activities concerning the welfare of youth and children at risk.
Biography
Princess Dalal ...
, a daughter of King Saud
Saud bin Abdulaziz Al Saud ( ar, سعود بن عبد العزيز آل سعود ''Suʿūd ibn ʿAbd al ʿAzīz Āl Suʿūd'', Najdi Arabic pronunciation: ; 15 January 1902 – 23 February 1969) was King of Saudi Arabia from 9 November 1953 ...
. They have two children ( Prince Khaled, born on 21 April 1978 and Princess Reem, born on 20 June 1982),[ and later divorced,] in December 1994.[
In 1996, Al Waleed married Princess Iman Sudairi, but the marriage lasted only approximately a year.][ After divorcing his second wife, Al Waleed married Kholood Al Anazi, in 1999. They were divorced in 2004.][
His fourth wife was ]Ameera al-Taweel
Ameera bint Aidan bin Nayef Al-Taweel Al-Otaibi ( ar, أميرة بنت عيدان بن نايف الطويل العصيمي العتيبي; born 6 November 1983) is a Saudi Arabian philanthropist and former princess. Born into a non-royal cadet ...
; after about six years of marriage, they divorced in 2014. In an interview, he said: "Yes, I announce it through ''Okaz
''Okaz'' ( ar, عكاظ) is an Arabic Saudi Arabian daily newspaper located in Jeddah. The paper was launched in 1960 and its sister publication is ''Saudi Gazette''. The paper is simultaneously printed in both Riyadh and Jeddah and has offices a ...
''—''Saudi Gazette
Saudi Gazette is an English-language daily newspaper launched in 1976 and published in Jeddah, Saudi Arabia. It is only available online, as the print version was discontinued in 2019. It is the second English-language daily newspaper in Saudi Ar ...
'' for the first time. I have officially separated from Princess Ameera Al-Taweel, but she remains a person that I have all respect for."
Ancestry
References
Further reading
* John Rossant, ''The Prince: A Biography of Prince Alwaleed Bin Talal'' (HarperCollins, 2001)
* Riz Khan
Rizwan "Riz" Khan ( ur, ; born August 1962
) is a British broadcaster of Asian origin.
From 2006 until April 2011 he hosted his own eponymous television show on Al Jazeera English. He first rose to prominence while working for the BBC and CNN ...
, ''Alwaleed: Businessman, Billionaire, Prince'' (HarperCollins, 2005)
External links
Al Waleed bin Talal personal website
Kingdom Holding Company
{{DEFAULTSORT:Saud, Al Waleed Talal
20th-century Saudi Arabian businesspeople
21st-century philanthropists
21st-century Saudi Arabian businesspeople
Living people
1955 births
Giving Pledgers
Lebanese people imprisoned abroad
Menlo College alumni
Recipients of the Order of Grimaldi
Rotana Group
Saudi Arabian billionaires
Saudi Arabian chief executives
Saudi Arabian investors
Al Waleed
Saudi Arabian people of Lebanese descent
Saudi Arabian people of Syrian descent
Al Waleed
Saudi Arabian philanthropists
Saudi Arabian prisoners and detainees
Maxwell School of Citizenship and Public Affairs alumni
Al Solh family