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Sunday, 14 December 2008

Saudi Arabia: Saudi’s Prince Alwaleed lost USD4b this year

DUBAI, Dec 14 — A Dubai-based magazine reported that the high-profile billionaire Saudi prince investor in Citigroup lost US$4 billion of his net worth over the past year.

Even with the losses, however, Prince Alwaleed bin Talal remains the world’s richest Arab, according to a ranking released today by Arabian Business.

The magazine said Prince Alwaleed’s holdings were worth US$17.08 billion as of Dec 2. Arabian Business says the figure is based on a direct review of the prince’s holdings and a meeting with the man who’s been dubbed “the Arabian Warren Buffett”.

An official at Kingdom Holding, Prince Alwaleed’s investment company, did not immediately comment on the report. — AP

Editor: In the first place why the Saudi Prince invested in a conventional bank and not in Islamic banks (which he is supposed to do as a Muslim)? That is a 4 billion dollar question.

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