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Prince Alwaleed Bin Talal al Saud has topped Arabian Business’ first Saudi Arabian Rich List , with a fortune of $16.3bn.
The Prince is chairman of Kingdom Holding Company (KHC), one of the largest diversified private investment companies in the world.
HRH holds a 95 percent stake, although it has been a tough 2009 for the Prince, as his investments across the globe have been hit hard by the global economic crisis, and particular difficulties in the banking and tourism sectors.
Last December, Arabian Business evaluated his fortune at $17.08bn.
On Wednesday it was announced that KHC had seen first half net profit fall 61 percent, due to weaker results at Four Seasons in Paris and Cairo, as well as lower real estate sales and an impairment charge.
The company also said revenues fell by almost 11 percent, to $103.3m. Net profit was $8m in the period, compared with $20.6m in the first half last year.
However, share valuations for the Arabian Business Saudi Rich List 2009 were collated before KHC’s results came out.
Prince Alwaleed is followed on the list by energy and industry tycoon Mohammad Al Amoudi, and then MBI boss Mohamed Bin Issa Al Jaber.
Propping up the list with a fortune calculated at $350m, is FMCG baron Khaled Baeshen, who owns the popular Rabea Tea brand.
To view the full list, CLICK HERE .
READERS' COMMENTS
Posted by SYED QUADRI, KUWAIT, KUWAIT on Tuesday 1 September 2009 at 04:40 UAE time
THE COMMENTS MADE BY CHRIS SHOWS THAT HE IS FROM A COUNTRY WHERE THEY HAVE TO PAY TAXES AND DEATH DUTIES THAT IS WHY I AM SURE HE IS IN DUBAI WHERE HE IS FREE FROM ALL THESE TAXES OTHERWISE HE WOULD BE BACK HOME. THE SALARY OF AED 600 IS FOR THOSE WHO CANNOT MAKE ANY OF THIS IN THEIR HOME COUNTY AND THIS 600 FEEDS THEIR FAMILY AND RELATIVES WHICH IS THE OPPORTUNITY GIVEN BY GOD AND THEN SAUDI AND UAE ETC. DONT FORGET THE POOR MEXICANS IN SOME SO CALLED DEVELOPED COUNTRIES WHERE ARE THE SAME LIKE AED 600 OR LESS AND SUFFER LIKE CRAZY TO GET INTO THESE COUNTRIES.
ONE SHOULD BE THANKFUL TO GOD AND THE COUNTRIES HOSTING SUCH PEOPLE AND NEVER GO AGAINST THEM, IF SOMEONE IS SO UNHAPPY THEN THEY SHOULD GO BACK TO THEIR HOME COUNTRIES TO FREE THEMSELVES FROM THESE TOPICS.
Posted by Chris J, Dubai, UAE on Monday 31 August 2009 at 09:20 UAE time
It is interesting how this list shows some people as being wealthy and others as family conglomerates. Reviewing the list, it is not the wealth of an individual, it is mainly family wealth that has been aggregated. It seems to be much easier to have extreme wealth when you do not pay taxes and have no death duties unlike in some other countries. Business ethics of some on the list are also left severely wanting with the wealth of the owners screaming at the 600SR or AED that they pay their workers monthly.
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