Saudi Prince Al Waleed Ibn Talal. War of Thrones: how a Saudi prince with $18 billion ended up in custody. Billionaire Prince Alwaleed Lost $1 Billion After Arrest
The fortune of the cosmopolitan investor, nephew of the Saudi king, increased by $6.1 billion last year. Two-thirds of his capital is a 95% stake in the investment fund Kingdom Holding Company. In the five weeks preceding the cut-off date (by which capitalization is calculated for the Forbes rating), the company's shares rose in price by 49%. Al-Waleed and Kingdom Holding Company own 3.5% of Citigroup, as well as large stakes in the Four Seasons and Fairmont hotel chains. In February, News Corp. acquired 9% of Al-Walid's media company Rotana, valuing it at $770 million. His palaces and real estate are worth more than $3 billion. He owns a jewelry collection, worth, according to his estimates, $730 million, and four aircraft, including an Airbus A380.
Al-Waleed ibn Talal is a member of the royal family of Saudi Arabia. He is the son of Prince Talal, whose parents were Saudi Arabia's founder Abdul Aziz Alsaud and Princess Mona El Sol.
Al-Walid ibn Talal received his education in the USA, first with a bachelor's degree in business management, then with a Doctor of Science and Doctor of Law. His property is the investment empire Kingdom Holding Company. He owns the largest stakes in many well-known companies. Among them are Worldcom, Motorola, AOL, Apple, etc. The prince’s sphere of interests also includes real estate. These include stakes in hotels in New York, Monaco and London, as well as a chain of entertainment complexes in France. His work schedule allows him to sleep only five hours a day. They say about him that despite his relationship with the ruling king, Alwaleed Alsaud tries not to get involved in politics.
Prince Al-Waleed bin Talal is actively involved in charity work, including donating more than one hundred million dollars annually to organizations in the Middle East, Asia and Africa that deal with the needs of those in need. He is engaged in organizing educational centers in the Middle East for American students, and in the USA for Islamic ones. Two years ago he donated twenty million dollars to the Louvre to build a new wing dedicated to Islamic art. In the same year, the prince transferred twenty million dollars each to American universities at Harvard and Georgetown. The donation is among the 25 largest at Harvard and the second largest at Georgetown. University administrations stated that these charitable contributions will be used to improve curricula, and will also allow for the expansion of faculty in this area.
Prince Alwaleed promotes equal rights for women, the first in the country to hire a woman as an airplane pilot.
Prince Al-Waleed bin Talal
Prince Al-Waleed bin Talal is the nephew of the current reigning king of Saudi Arabia. He made his fortune through investments and owns the Kingdom Holding Company. He makes all his investments through this company. The prince began making investments, which later brought him fabulous money, back in the late seventies, taking out a loan of three hundred thousand dollars. He is one of the richest people in the world.
It is said that he sleeps five hours a day, so much of his time is spent monitoring investments. He owns large shares in AOL, Apple Computers, Worldcom, Motorola, News Corporation Ltd and others. In 1990, Al-Walid ibn Talal acquired a controlling stake in Citicorp, which was then experiencing better times. Now the shares owned by the prince are worth ten billion dollars.
Spends a lot on charity. After terrible tragedy On September eleventh he offered New York a donation of ten million dollars. The proposal was rejected by the city mayor. In 2002, Prince Alwaleed donated half a million dollars to the Bush Sr. School Scholarship Fund. In December of the same year, he donated twenty-seven million dollars to the government of Saudi Arabia to pay the families of Palestinian suicide bombers. After the 2005 Kashmir earthquake, he donated a total of $5.3 million in goods and funds for support and restoration. Among other things, he plans to sell five percent of his Kingdom Holding Company to the public. The company's value is estimated at $17.6 billion. The shares will be offered at $2.73 per share. If the shares are in demand, the offer may be expanded to fifteen percent of the company's shares.
According to Al-Walid ibn Talal, modern world issues of tolerance and understanding between East and West are among the most important. He builds bridges between the Western and Islamic communities, organizing educational centers for American students at universities in the Middle East and for Islamic students in the United States.
The prince loves to spend money on beautiful and expensive things. He has luxury cars, and he usually buys them in two copies: one for himself, and exactly the same for his bodyguards.
Although Prince Alwaleed bin Talal usually stays away from politics, he has recently begun making statements critical of excessive traditionalism in Saudi Arabia, advocating free elections and equal rights for women.
The fabulous wealth of Arab sheikhs has long become the talk of the town. Documents obtained by WikiLeaks detail how members of the Saudi royal family divide the proceeds from black gold.
Saudi Prince Al-Waleed bin Talal lives with his wife and children in a huge palace. In total there are 317 rooms, three swimming pools, and a cinema hall. There are five kitchens. Each has its own specialization, based on a certain culinary tradition - Arabic, Far Eastern and European. One is used only for preparing desserts. The chefs working in the palace are able to prepare food for two thousand people within an hour.
The 56-year-old prince has 200 luxury cars in his garage, including Rolls-Royce, Lamborghini and Ferrari. Al-Walid also has a “flying palace” rebuilt in a special way. And he can relax on the same one that starred in the James Bond film “Never Say Never Again.” The prince's fortune totals billions of dollars.
[NEWSru.com, 11/14/2007, “Saudi prince buys A380 to turn it into a flying palace”: Prince Walid, nephew of King Abdullah Al Saud of Saudi Arabia, owns an indirect stake of 3.6% of Citigroup shares through the Saudi company Kingdom he controls Holding and, according to Forbes magazine, ranks 13th in the list of the richest people in the world (according to other sources - fifth). The prince knows a lot about luxury and is the owner of several prestigious hotels in the world, such as the George V in Paris, the Plaza in New York, the Savoy and Four Seasons in London, and the Nile Plaza Four Seasons in Cairo. - Insert K.ru]
It turns out there is a system of "scholarships" for members of the royal family. Moreover, it is arranged strictly by rank. In the mid-1990s, the children of the founder of Saudi Arabia could receive 200-270 thousand dollars a month. Grandchildren were paid 27 thousand, great-grandchildren - 13 thousand, and the next generation - 8 thousand. The first king had several dozen sons. The royal family grew to seven thousand people. Its representatives also receive “bonuses” of several million dollars. This is in case the princes wanted to marry or build new palace. In addition, the inner circle also manages overall purchases - several billion dollars a year.
Prince al-Waleed bin Talal bought the Airbus A380 “flying palace” for $300 million. Its finishing will cost another $300 million
Original of this material© "RBC", 02/15/2008, Photo: Forbes
Golden Airbus: The reality of an Arab sheikh, the dream of a Russian billionaire
Last year, the world community was excited by the news from the Le Bourget air show. An anonymous buyer ordered an Airbus A380 to turn it into a flying palace. […]The mysterious owner of the A380 turned out to be Prince Al-Waleed bin Talal bin Abdul Aziz al-Saud.
[RBC, 06/22/2007, “Purchase of the year: $600 million for a flying palace”: A lot has been said about the A380 in recent years. Let us remember that this is the largest aircraft in the world, costing about $300 million. In passenger configuration, the double-decker giant can take on board about 840 people. It is clear that a private buyer does not need so many cramped seats - naturally, the aircraft will undergo a complete refurbishment. And there is no doubt that tuning the A380 will become a unique project in the aviation business. According to some reports, the alteration may take about a year and will cost the owner a pretty penny. Surely the owner of the future heavenly palace will not waste time on trifles and will order a breathtaking design and a lot of additional options. In this case, the cost of an exclusive airliner will almost double, i.e. up to 600 million dollars.
Airbus representatives' announcement of an unprecedented deal has intrigued aviators around the world. It’s hard to even imagine what will appear in the giant’s cabin instead of the standard passenger seats. 900 sq. m of area provide ample opportunities to realize any fantasies. It is unlikely that we will ever see the result of the designers’ work: the plane is private. But you can get a rough idea by looking at the A380 VIP model, which was presented at the recent business aviation exhibition in Geneva. According to Airbus designers, the flying palace must have a cinema projection hall in the form of an amphitheater with a capacity of 15-20 seats, as well as a conference room. Jacuzzi at an altitude of several kilometers? Easily! There must be a garage for cars on the lower deck.
The only problem with a superjet is that not every airport is able to accommodate such a colossus. But this is unlikely to upset its owner. Such a powerful aircraft, having lost the weight of 840 passengers and seats, becomes simply a monster. “The flight characteristics of such an airliner will change greatly for the better,” says the deputy commercial director company " Moscow sky» Rustem Arinov. - The speed will increase, and fuel consumption will sharply decrease. There will be the possibility of almost round-the-world non-stop flights.” “In addition, the A380 is made using space technology using composite materials, without rivets. This significantly reduces air resistance,” said R. Arinov. - Insert K.ru]
The prince will be able to move into his flying residence in two years. But already now the first details are appearing about what modifications the giant aircraft will undergo. The most interesting of them will catch the eye of everyone who sees the prince’s plane. Moreover, in good weather, even from the ground you can guess that Al-Walid bin Talal bin Abdul Aziz al-Saud is flying above your head. The plane will shine in the sun - the prince decided to literally gild his airbus. Coating the aircraft body with precious metal will cost an Arab luxury lover $58 million. For the A 380 itself, the prince paid 300 million. According to experts, remaking it will cost the same amount.
The interior of the flying palace will be no more modest than the exterior. Approximate design options for the interior decoration of the flying palace have already appeared. So far, information has leaked to the press that there will be a swimming pool and a sauna on board the ship. The onboard dining room for the prince will be clad in marble, and the walls of some other rooms will be decorated with huge high-tech panels using fiber optics with landscapes of the Arabian desert. On long flights, bin Talal will not only indulge in hedonism, but also work out in his own gym. Fortunately, the internal usable area of the A380 is enough to accommodate more than one volleyball court, for example.
To get a rough idea of the size of the A380, it is worth knowing that in its basic version this aircraft can carry 840 passengers! Its height is 24 meters, length - 73 meters, wingspan - 79.4 meters. The only disadvantage of this size is that the A380 is not capable of accepting any airport. But the prince is unlikely to be upset by this circumstance. After all, his fleet already has a plane, and probably more than one. […]
Bloomberg, USA
© AP Photo, Majdi Mohammed Prince Alwaleed on his 83-day imprisonment
One of richest people world talks about his captivity by the Saudi Arabian government.
Prince Alwaleed bin Talal suffered repeated setbacks on his way to becoming the richest investor in the Middle East and one of the most recognizable faces of Saudi Arabia. He went broke in the 1980s and lost billions of dollars on Citigroup Inc. during the 2008 financial crisis. But nothing compares to the humiliation he had to endure these past few months. Last November, Al-Waleed's uncle, King Salman, and his cousin, Crown Prince Mohammed bin Salman, led a government raid on alleged fraudsters, embezzlers and money launderers, leading to Al-Waleed's detention and jailing for 83 days in what has become the infamous Ritz-Carlton Hotel in Riyadh.
I saw Al-Waleed in late October, a week before he became a government prisoner. We spent the evening at his desert camp talking about financial markets and US politics, watching a football game on TV, walking along the sands and eating a late dinner in the cool midnight air. I returned to the kingdom in mid-March, seven weeks after his release. Al-Walid decided to break his silence and give an interview to Bloomberg Television.
The day before the interview, we held an informal meeting at his palace in Riyadh. I waited in the foyer, and the prince came down the grand staircase from the second floor. He was dressed simply: beige taub, a brown sports jacket and sandals - and seemed relaxed. Over the next two hours, he recounted his ordeal while sipping Arabic coffee and ginger tea as his five grandchildren sang and danced in the palace gymnasium. Hot n Cold Katy Perry.
Early on the morning of November 4, Al-Walid, who had arrived at his camp for the weekend, received a call asking him to appear at the royal court. He left immediately, unaware of the trap. Sensational details of the anti-corruption crackdown were soon revealed, and news reports were abuzz with reports that among the hundreds of tycoons, government ministers and other princes detained at the Ritz-Carlton, Al-Waleed was the most prominent. Within three days, shares of his main company, Kingdom Holding Co. , fell by 21 percent.
Al-Waleed has become quite a catch for a government keen to show its people that no Saudi will escape accountability in the fight against free-eating and graft: his $17.1 billion fortune ranks him 65th on the Bloomberg Billionaires Index. And his international importance, forged through friendships and business partnerships with Bill Gates, Rupert Murdoch and their ilk, rivals that of Prince Mohammed. Kingdom Holding's portfolio includes Four Seasons hotels and resorts, as well as Citigroup, Eurodisney, and Twitter. And the Rotana Group, which he controls separately, is the largest entertainment company Arab world.
The government posed the question bluntly: pay, sign a confession of guilt and be released, or refuse and languish in captivity. According to the Wall Street Journal, the cost of freeing Al-Waleed was six billion dollars. The negotiations were conducted in secret, and the government did not make any accusations or present any evidence. Critics said the captives were being denied due process and accused Prince Mohammed of waging a campaign of intimidation and extortion under the guise of fighting corruption.
Context
When the princes were locked up at the Ritz
InoSMI 11/14/2017 Al Araby TV 02/18/2018 Donya-e Eqtesad 11/11/2017Rumors began to emerge about ill-treatment and even torture at the Ritz-Carlton, which immediately made it to the pages of the Daily Mail Online and regional media. Therefore, when at the end of January the prince, still at the hotel, appeared in a certain video shot on a smartphone, exhausted and tired after two and a half months in prison, speculation only intensified. He said that he was being treated decently, but no one believed it. (Most recently, the New York Times, citing anonymous sources, reported that some detainees were physically abused and otherwise coerced into confessing, and one military officer in custody died with all the signs of a severe beating).
Since his release, Al-Waleed had gained a little weight and seemed more energetic, lively, and busy than ever. But from the conversation it becomes clear that he is trying his best to cope with what happened. Even if he is innocent—and he insists he is—the government has placed him in the same conditions as a group of crooks. And any complaint could cause anger, which he already faced directly.
We conducted the interview on a makeshift set in Al-Walid's apartment on the 67th floor of the Kingdom skyscraper in Riyadh. As I walked in, I thought about how frank he could be with me. Will he talk about his life at the Ritz-Carlton? Does the fact acknowledge any harm done to him? Did he have to make a deal with the devil to achieve his release? Can his words be trusted? What if the government threatened him? Will I be able to talk about this?
Below are excerpts from our conversation, which have had to be slightly edited for clarity.
Let's start with the obvious: why?
Al-Waleed's detention was mysterious compared to the others. Of all the arrested princes, he is the only one who never served in the government of Saudi Arabia, where kickbacks are considered commonplace. And unlike other businessmen, he was not a government contractor, and therefore could not inflate tariffs. He acquired most of his wealth transparently through real estate and as an investor in the public markets.
Eric Schatzker: First question: why were you arrested?
Prince Alwaleed: I wouldn't use that word because we were first invited to the palace and then asked to go to the Ritz-Carlton. Everything was done with honor and dignity, and in relation to everyone, not just me.
So, is it fair to use the word “arrest” only in relation to those who committed a crime and admitted guilt?
Exactly. And he reached an agreement with the government. But in my case, as you know, the situation is completely different.
So there were no charges? Have you been accused of anything at all?
There were no charges. Because I have a fiduciary responsibility to my shareholders in Kingdom Holding, my friends in Saudi Arabia and the entire global community, and in view of our widespread international investments, it is very important to state the absence of both blame and blame.
You have dubbed your ordeals a misunderstanding. What was it connected with?
I say “misunderstanding” because I think I shouldn’t have been there. Now that everything is over, I would say that all suspicions have been cleared from me. However, I must say that we have indeed reached full understanding with the government.
What does it mean?
This is confidential information and I cannot talk about it. But there is an understanding between me and the Kingdom of Saudi Arabia.
Does this require you to take certain actions?
Not necessary. Again, I cannot expand on this, since the information is secret and concerns only me and the government. But rest assured: this does not constrain me in any way.
What did the government want from you?
I will not go into details of the discussions that took place between myself and the government representatives.
They must have wanted something.
I read in the press that they allegedly wanted to snatch a certain piece from me. But these are all rumors.
According to one report, it was about six billion dollars.
I have read about six billion, and about larger and smaller amounts.
How much did freedom cost you? Have you been asked to pay the government any money, give up any possessions, or give up any shares?
You must respect the confidential agreement reached between me and the government of Saudi Arabia and based on confirmed mutual understanding.
I am a citizen of Saudi Arabia. And also a member of the royal family. The king is my uncle and Mohammed bin Salman is my cousin. I am interested in maintaining and keeping our relationship secret.
You maintain your innocence and say that you did not sign any plea agreement.
We actually signed a document, a confirmed mutual understanding. Some may call this a settlement agreement. I don’t think so, because in my understanding, an agreement is an admission that you did something wrong.
You, of course, understand how important it is to be honest and frank with me. If another version emerges, your credibility will suffer.
Of course.
So, everything you said is one hundred percent true?
I have a confirmed understanding with the government and it remains in effect. I will go into detail on this: this is an ongoing process with the government.
The question of Al-Waleed's reputation
Already, Kingdom Holding is talking to lenders about securing $2 billion in debt financing—the “firepower,” as the prince puts it, for the next deal.
These events have affected your reputation. No matter what you say in this interview, people will still be convinced that because you ended up at the Ritz-Carlton, you must be guilty of something. Understand this.
When you are detained, someone in the business or banking community is bound to raise concerns. My job now is to interact, meet all of them, whether privately or collectively, and tell my story.
I understand that it will not be easy, because some banks and representatives of the business community will continue to have doubts. However, I assure them that everything is fine, everything is back to normal and we are functioning as before.
It would certainly help if the government said: "Al-Waleed did nothing wrong, there was a misunderstanding, he did not buy his freedom and remains a Saudi citizen in good standing." But this did not happen.
Context
When the princes were locked up at the Ritz
InoSMI 11/14/2017Camels punished for Botox and other deceptions of the Arab world
Al Araby TV 02/18/2018What is the relationship between Hariri's resignation and the arrests of Saudi princes?
Donya-e Eqtesad 11.11.2017 All these points are reflected in the confirmed mutual understanding, agreement between me and the government.The confirmation of my words is the fact that I am speaking to you now, and speaking truthfully and honestly, and the fact that the government will not say: “Al-Waleed is wrong.”
So you feel the need to speak out in order to restore your good name because you were slandered?
Firstly, I really need to restore my reputation, and secondly, I need to clarify many false points. For example, that I was tortured and sent to prison. It's a lie. I stayed at the hotel the entire time and was never tortured.
Inside the Ritz-Carlton Hotel
For three months, 381 Saudis remained locked inside the Ritz-Carlton, which has 492 rooms, 52 acres of land and giant meeting rooms. Many were quickly released. Al-Walid's stay was one of the longest. The prince says he was kept in room 628, a 4,575-square-foot (425 sq. m.) royal suite.
What have you been doing all this time?
Sports, walks, meditation, watching the news, prayers.
Describe one typical day.
I went to bed at 6-7 am and woke up around noon. We prayed five times a day.
Did you have access to television and newspapers?
There was access to everything.
So, no one outside knew about what was happening inside, but you, being inside, knew about everything that was happening outside?
Exactly. That's why I managed to get information about the so-called torture.
So you weren't abused?
Not at all.
Are you sure that none of the detainees suffered from ill-treatment, torture or beatings?
Maybe someone was trying to escape or do something crazy. Perhaps such people were pacified and controlled. Quite possible. But there was nothing that could be called systematic torture.
Were you allowed to talk to other detainees?
No. No one at the Ritz-Carlton could talk to each other. Even in my case. I didn't see anyone, didn't talk to anyone.
You are allowed to make several calls. To whom and under what conditions?
I called my son, daughter and granddaughters. And spoke with the heads of my companies, the CEO of Kingdom Holding, the head of my personal office and general secretary my fund.
Were calls tracked?
Probably yes.
Dealing with the Crown Prince
For more than 70 years, the Saudi throne passed from one brother to another, but Salman broke with the past by handing his son control of several government portfolios and making him crown prince last year. Prince Mohammed's plans include economic program"Saudi Arabia Vision 2030", under which the world's largest oil company Saudi Aramco could become a public joint stock company. Cinemas, banned since the early 1980s, have returned, and in some areas of Riyadh women are allowed to go bareheaded. And in June, for the first time since 1990, they will be allowed to drive cars.
What is it like to be captured by your own cousin?
It's not easy, I must admit. It's hard when you're being held against your will. But after being released, I had a very strange feeling. I gathered all the senior employees of my companies and those close to me and told them: “I swear to you that I am completely calm and peaceful and do not feel resentment or other bad feelings.”
And, of course, a day later we were again communicating with the royal court, the crown prince and his people. The situation is very strange, but that’s exactly what happened.
Is it because you just needed to move forward?
No. I'm a patriot. I believe in my country. What happened will not make me turn against my uncle, my cousin, my country and my people.
How would you describe your relationship with Prince Mohammed?
They have become stronger. This affects many, even my own people.
Have you forgiven him?
I completely forgot and forgave everything that happened. Everything is left behind.
How often do you communicate with him?
At least once every three days I text him, call him or talk to him in person.
Do you talk to him once every three days?
We mostly text each other and talk less often. But we communicate every week.
Prince Mohammed has a grand plan to transform the Saudi economy and society. Do you still support him on this?
Yes. His vision absorbed many of my ideas, and he multiplied them. I floated the idea of creating a sovereign wealth fund and talked about converting Aramco into a public company. Women's rights, their competitiveness in society, their driving - I called for all of this.
He lays the foundation new era in Saudi Arabia. I personally consider any person who opposes what Mohammed bin Salman is doing to be a traitor.
Navigating the new Saudi Arabia
The crown prince has also become the largest Saudi investor, pouring tens of billions of government dollars into Uber Technologies Inc. and funds managed by Blackstone Group and SoftBank Group.
Does the government want you to create and maintain relationships with heads of state and CEOs of international companies?
I was released without being burdened with any conditions, and maintained contacts with many heads of state in Europe and the Middle East. Everything is fine.
Can you travel?
Of course I can.
Are you unsure if the government is monitoring your whereabouts?
I don't care.
What about your bank accounts?
Everything is back to normal.
You are looking for foreign investment, as is the Public Investment Fund, Saudi Arabia's sovereign wealth fund. Isn't this competition?
In fact, in terms of participation in many projects, we maintain contact with the government. They have a plan big project in the Red Sea with resorts like the Maldives. There will also be Four Seasons hotels. We were also invited to take part in another Riyadh project, the construction of a huge Disney-style entertainment center.
We are involved in the hotel business, facilities mass media and in the entertainment industry. So there is no competition, we complement each other.
What about joint investments? Will PIF invest alongside Kingdom Holding or perhaps Rotana or Prince Alwaleed himself?
Yes, this will happen. We are currently discussing certain projects with PIF.
Domestic projects or international ventures?
Internal for starters.
The Crown Prince visits Western countries, meets with Trump at the White House and tries to attract capital to Saudi Arabia. Given what happened to you at the Ritz-Carlton, how pleased are you to represent a united front with the government that got you there in the first place?
I support Saudi Arabia, I support my government, I support King Salman and Prince Mohammed in every way. This happened before, during and after the arrest.
People will have a hard time understanding this.
They don't understand that you are talking to a person who is a member of the royal family. We are all in the same boat here. On one side. We are the ruling family of Saudi Arabia.
I understand that from the point of view of ordinary citizens this sounds strange. They will definitely say, “Do you really still support the king and crown prince after being their prisoner?”
One needs to think about how willing business executives will be to invest in Saudi Arabia after witnessing this type of dispute resolution.
I'll let them decide for themselves. On my own behalf, I can say this: business is progressing as usual, and we will continue to invest in Saudi Arabia.
Eric Schatzker- Canadian presenter and editor of Bloomberg Television, has 15 years of experience covering events in the world of investment and economics.
InoSMI materials contain assessments exclusively foreign media and do not reflect the position of the editorial board of InoSMI.
The prince's full name is Al Waleed ibn Talal ibn Abdul Aziz Al Saud. His grandfather, Abdul Azis ibn Saud, was the founder of the country of Saudi Arabia. His father, Prince Talal bin Abdulaziz, was Minister of Finance, and his mother, Princess Mona, is the daughter of Lebanese Prime Minister Riad Solha. Born on March 7, 1955 into the royal family.
The boy had a hard time with his parents’ divorce and stayed to live with his mother in Lebanon, the most democratic and Europeanized country in the Middle East. But just before the start civil war in Lebanon, Al Walid became interested in the national idea and almost became a supporter of Yasser Arafat. The father intervened and sent his son to military academy named after King Abdulaziz.
The young man did not like this decision, but tradition demanded that he submit to his father’s will. Later, he realized that his father was right - the academy saved him from participating in terrorism and gave him the skills of self-discipline.
Then the prince went to study overseas. First to Merlot College in California, then to Syracuse University, where he received a bachelor's degree in business administration, and then a master's degree in political science and economics.
He returned to his homeland in 1979, during the “land rush”. With 15 thousand dollars donated by his father, Al-Waleed organized the Kingdom company and engaged in land speculation, which brought him $2 million.
After the death of his father, the prince inherited a house that was mortgaged for $1.5 million. In 1986, having pooled funds, he unexpectedly bought up the Saudi commercial Bank, bankruptcy was predicted for him. However, just two years later the second-rate bank made a profit, and soon absorbed the Saudi Cairo Bank, which had previously been many times larger than it in terms of turnover.
The next, and no less successful, business was the purchase of Arabian real estate. He owns a three hundred meter skyscraper in the center of the Arabian capital. However, by his own admission, the greatest income came from the so-called “commissions” received for concluding transactions, they are very common in the Middle East. No company can obtain contracts without the help of princes or other high-ranking persons, and this is not considered reprehensible. The commission is usually 30% of the contract value.
At the age of 34, Al-Walid entered the global investment market. For $550 million, he bought a 9.9% stake in the American bank Citicorp, at that time the company was in a state of financial crisis. Analysts regarded the prince's actions as a gamble and considered them the whim of an overly rich man. However, seven years later, the value of the purchased shares increased 12 times. And Forbes magazine, echoed by Bill Gates, ranked Al-Walid among the most successful businessmen in the world.
In the summer of 1994, Al-Walid again “shocked” the financial world. He acquired a 24.8% stake in the bankrupt Euro Disney amusement park located near Paris for $350 million. And just a year later, his stake increased in price to $600 million. And this can hardly be called just luck; the prince suggested that the fall in the shares of this enterprise is associated with a temporary economic downturn in Europe.
In addition, together with Michael Jackson, he organized the Kingdom of Entertainment Corporation. In the second half of the 90s, he actively became involved in the hotel business. Became major shareholder the Planet Hollywood restaurant chain, the Fairmont group, the Swiss hotel chain Movenpick, and the Four Seasons hotel chain.
In the spring of 2000, during the collapse of stock market indicators, when investors high technology Huge losses threatened, the prince remained confident that stock market indicators would creep up again. A month later, he had already invested a billion dollars in 15 world-famous IT companies and acquired shares of Internet providers. Al Waleed, together with Bill Gates and Craig McCaw, participated in the Teledesic project (provides Internet access from anywhere in the world).
Al-Walid's empire includes banks, television channels, publishing houses, construction companies, hotels, agricultural enterprises, retail, automobile production and industrial equipment, production of electronic equipment, computers and computer programs.
Al-Waleed very religious: does not drink, does not smoke, does not buy shares of companies producing tobacco and alcohol products, his wives were never photographed, because this is prohibited by religion. He also built a luxurious mosque in Riyadh. However, without gambling himself, the prince receives huge profits from gambling... and pointedly spends them on charity. And contrary to the opinion of Muslim jurists, Al-Walid does not consider it sinful to provide money with interest (loans).
The prince stays as far away from politics as possible; among his partners there are many Jews, which is not typical for a Muslim. At the same time, it is known that the prince donated $27 million to the needs of Palestinians fighting against the occupation of lands captured by Israel. He did not shy away from his assessment of the September 11 terrorist attacks: “The US government should reconsider its Middle East policy and take a more balanced position towards the Palestinians.” And he allocated $10 million for people affected by the terrorist attack. The outraged mayor of New York, Rudolph Giuliani, rejected the money, regarding the prince’s statement as “absolutely irresponsible,” “dangerous,” and “unfriendly in nature towards American politics" In response, the prince stated: “The United States must understand the causes and roots of terrorism and their connection with the Palestinian problem,” and handed the New York City Hall a check for 10 million, declaring that he would not give another cent if he was refused again.
The prince values reliable information very much; his team consists of about 400 people, whose maintenance costs $1 million a month. These people accompany him always and everywhere, creating a whole caravan of special vehicles.
Al-Walid explains the reasons for his success as follows: “I work a lot when necessary - 15-20 hours in a row... And one more thing: if you are successful in business, then new business will come to you. I am religious, and this is a valuable help for me. If you prosper thanks to Allah, then you must always remain humble and help the poor, otherwise Allah will punish you.”
He gets up at 10 o'clock in the morning, then does fifteen minutes of exercise and has breakfast. From 11 a.m. to 4 p.m. he works in the office, from 4 p.m. to 5 p.m. he has lunch and a short rest. From 19:00 to 2:00 am he works in the office. The next three hours are devoted to exercise, jogging and swimming in the pool, lunch and prayer. The prince goes to bed at 5 o'clock in the morning. He eats little and has a well-known self-description: “I am a calorie counter.”
Personal life, as the press claims, did not work out. He was married twice and divorced both times. When asked by journalists, the prince replies that he has 100 wives and their portraits adorn the walls of his office; these portraits are the emblems of his companies.
The prince lives alone, but adores his two children, Khaleda and Rome, for whom a palace of 317 rooms was built and a collection of 300 cars was collected.
Leisure Al-Waleed spends either on the French Riviera or in his own villa near Riyadh in the company of Bedouins. They are rumored to drink the strongest Arabic coffee and talk about the eternal.
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Childhood
Prince Al-Waleed bin Talal bin Abdulaziz Al Saud was born on March 7, 1955 into a royal family, the rank, title or occupation of each member of which is truly impressive.
His father, Prince Talal ibn Abdel Aziz, was Minister of Finance; in the 60s he opposed the current government of King Faisal as part of the liberal movement. His grandfather is Riad Al-Solh famous political figure, former Prime Minister of Lebanon, Al-Waleed's uncle Salman is the reigning king of Saudi Arabia, and his maternal cousins are the princes of Morocco - Moulay Hisham Angle and Moulay Ismail.
The baby was not yet four when his parents decided to divorce. Prince Al-Walid stayed with his mother, Princess Monica, and soon they moved to Beirut, where the guy spent his childhood.
Education
As befits children in royal families, Al-Walid received prestigious education. He went to America to study, where he chose Menlo College in San Francisco to study. Here he received his bachelor's degree, after which he went to Syracuse University in New York. Here he studied social sciences with world-famous teachers.
The young prince liked life in America - he quickly got used to it, fell in love with business style clothing, fast food and Coca-Cola. It seemed pointless for a young, active and educated young man to return to his homeland.
Starting a business career and its successful continuation
Prince Al-Waleed began his commercial activities in 1979. Taking out a loan of $350,000, he began providing intermediary services to foreign firms that planned to cooperate with Saudi Arabia. Thanks to the prince’s close relationship with quite influential people in the country, his debut in the business world turned out to be quite successful. In addition to mediation, Al-Walid was involved in the purchase and resale of plots of land. In 1980, Al-Waleed bin Talal founded the Kingdom company.
One of the prince's most famous and successful investments was Citibank. In the 1990s, Al-Walid acquired a significant part of the shares of Citibank, which at that time was in extremely difficult financial situation. By investing almost all of his investments in Citibank, he saved it from complete collapse. Subsequently, more than half of Al-Walid’s fortune was precisely this company, which he once saved from falling.
The next successful acquisition for the prince was a package preferred shares Citigroup. Having bought the company's shares for almost nothing, Al-Walid made the right decision - at the beginning of 1994, the shares literally soared in price, which significantly increased Al-Walid's capital.
The prince has been seen more than once in collaboration with Bill Gates and by Microsoft, and he is also famous for his generous investments in media companies.
"Arabian Warren Buffett"
Prince Alwaleed is often compared to another successful businessman— Warren Buffett, referring to his impressive investment acumen. However, these two investors do not have much in common: Al-Walid, if you look at it, has very few high-profile investments, and the most successful of them is still the same Citigroup. Buffett became famous for dozens of large transactions.
These two businessmen are very different in their attitude to luxury. Warren Buffett lives in a house worth just over 30 thousand dollars, while the prince has a luxurious palace valued at more than 100 million. Also, Al-Walid, like most eastern billionaires, has a weakness for expensive cars, private jets and luxury yachts. In 2012, the prince once again recalled his love for luxury by purchasing the only example of an elite aircraft to date. Al-Walid now owns a personal Airbus-380 aircraft.
Forbes scandal
The annual ranking published by Forbes magazine in 2013, as usual, consisted of people whose wealth has long been estimated in the billions. An Arabian businessman was also on the list. But if, according to the calculations of the editors of the publication, the prince’s assets amounted to 20 billion (he took 26th place in the hundred), then he himself announced a figure of 29 billion dollars. A difference of almost ten billion could significantly affect its place in the ranking.
It is reported that Prince Al-Waleed sent a letter to CEO Forbes, in which he uncompromisingly asked that his name no longer appear in the publication’s rankings. Not this year, not any other. Then he openly stated that he did not trust the publication, and the methods of assessing the condition used by journalists were absolutely incorrect and incorrect.
Forbes management did not tolerate such antics that undermined the authority of the publication. Literally a few days later, a detailed article about Al-Walid was published on the official website of the magazine, which outlined a different point of view on the current situation. According to the publication, the prince is too fixated on his own image, so long before the publication of the list, Al-Walid’s PR managers demanded that the prince’s fortune be assessed based on the data of his personal lawyers.
Charity
In 2015, the news spread around the world that Prince Al-Waleed of Saudi Arabia, who was in his seventies, donated almost all of his fortune acquired during his life to charity. According to preliminary estimates, about 32 billion were written off from the billionaire’s accounts. He admitted that his example was Bill Gates, who also generously “shares” his personal fortune with his brainchild, the Gates Foundation. “This is my duty to humanity,” said the prince, mentioning that charity is an inherent honor of his faith - Islam.
The donated funds will be used to build hospitals, schools, orphanages, to help countries affected by natural disasters, to help single mothers and other groups of people in need.
Personal life
Not much is known about the personal life of Prince Al-Waleed: he was married three times, but to this moment not married. From his first wife, named Delal, the prince has a son and a daughter. His next chosen one was Iman al-Sudairi; in this marriage, Al-Walid did not have children. Amira Al-Tawil was chosen as the third wife - a very extraordinary person, although not of royal blood. Amira became the first princess in Saudi Arabia to refuse to wear the traditional dress of Saudi women, the abaya. The Princess actively supports organizations and projects fighting for women's rights around the world.
Unfortunately, in the winter of 2014, the marriage of Princess Amira and Prince Al-Walid was dissolved. Rumor has it that the spouses concluded marriage contract, according to which Princess Amira could not have children. Most likely, this was the main reason for the divorce.