Al Waleed bin Talal Al Saud (; born 7 March 1955) is a Saudi Arabian billionaire businessman, investor, and a
House of Saud
The House of Saud ( ) is the ruling royal family of Saudi Arabia. It is composed of the descendants of Muhammad bin Saud, founder of the Emirate of Diriyah, known as the First Saudi State, (1727–1818), and his brothers, though the ruling ...
royal. In 2008, he was listed on ''
Time
Time is the continuous progression of existence that occurs in an apparently irreversible process, irreversible succession from the past, through the present, and into the future. It is a component quantity of various measurements used to sequ ...
'' magazine's ''
Time 100
''Time'' 100 is a list of the top 100 most influential people, assembled by the American news magazine ''Time''. First published in 1999 as the result of a debate among American academics, politicians, and journalists, the list is now a highly ...
'', an annual list of the hundred most influential people in the world. Al Waleed is a grandson of
Abdulaziz, the first
king of Saudi Arabia
The king of Saudi Arabia, officially the king of the Kingdom of Saudi Arabia (; ''Malik al-Mamlakat al-ʿArabiyat as-Suʿūdiyya''), is head of state and of the Kingdom of Saudi Arabia, who holds absolute power. He is the head of the Saudi ...
, and of
Riad Al Solh,
Lebanon
Lebanon, officially the Republic of Lebanon, is a country in the Levant region of West Asia. Situated at the crossroads of the Mediterranean Basin and the Arabian Peninsula, it is bordered by Syria to the north and east, Israel to the south ...
's first
prime minister
A prime minister 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. A prime minister is not the head of state, but r ...
.
Al Waleed is the founder, chief executive officer (
CEO) and 95 percent owner
[ of the Kingdom Holding Company, a Saudi conglomerate company. 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 ...
of over $18 billion. He owns Paris' Four Seasons Hotel George V and part of New York's Plaza Hotel. ''Time'' has called him the "Arabian Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...
". In November 2017, ''Forbes
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' 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 and Saleh Abdullah Kamel) were arrested in Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
as part of Mohammed bin Salman's 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, their team leaders, or society as a whole. A group undertaking such an ...
to centralize power in Saudi Arabia. The allegations against Al Waleed include money laundering, bribery, and extorting officials.
Some of the detainees were held in the Ritz-Carlton, Riyadh. 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'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
'' (27 January 2017). In March 2018 he was dropped from the World's Billionaires list due to lack of current information. He was listed in the 'Top 100 most powerful Arabs' from 2013 to 2021 by '' Gulf Business''.
Early life and education
Al Waleed bin Talal was born in Jeddah
Jeddah ( ), alternatively transliterated as Jedda, Jiddah or Jidda ( ; , ), is a List of governorates of Saudi Arabia, governorate and the largest city in Mecca Province, Saudi Arabia, and the country's second largest city after Riyadh, located ...
on 7 March 1955 to Prince Talal bin Abdulaziz 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 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 around the ...
, was presented by the emir of Unayzah to King Abdulaziz in 1921, when she was 12 years old and Abdulaziz was 45. His maternal grandparents were Riad Al Solh, 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 consen ...
, and Fayza Al Jabiri, the sister of Syrian
Syrians () are the majority inhabitants of Syria, indigenous to the Levant, most of whom have Arabic, especially its Levantine and Mesopotamian dialects, as a mother tongue. The cultural and linguistic heritage of the Syrian people is a blend ...
Prime Minister
A prime minister 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. A prime minister is not the head of state, but r ...
Saadallah al-Jabiri.
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 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 at ]Syracuse University
Syracuse University (informally 'Cuse or SU) is a Private university, private research university in Syracuse, New York, United States. It was established in 1870 with roots in the Methodist Episcopal Church but has been nonsectarian since 1920 ...
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.[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 publicly listed, in contrast to the acquisi ...
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, and took over National Industrialization Company.[
By 1989, his net worth was $1.4 billion, and included stakes in ]Canary Wharf
Canary Wharf is a financial area of London, England, located in the Isle of Dogs in the London Borough of Tower Hamlets. The Greater London Authority defines it as part of London's central business district, alongside Central London. Alongside ...
, 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 company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
, Manufacturers Hanover, and Chemical Bank
Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United Stat ...
. 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 September 1990, Citibank was undercapitalized due to real estate credit losses and exposure to Latin America debt, prompting a need for a capital reserve. By November, they were actively seeking investors. Based on his banking experience in the Kingdom, Al Waleed agreed in January 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 converte ...
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. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...
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 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 (Colloquialism, colloquially Saks) is an American Luxury goods, luxury department store chain founded in 1867 by Andrew Saks. The first store opened in the F Street and 7th Street shopping districts, F Street shopping distric ...
for $100 million. A flagship store
A flagship is a vessel used by the commanding officer of a group of navy, 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 ...
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, and it was reported that he was working on a music channel for his satellite TV platform.
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..."][
In the same year, Al Waleed purchased 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 Hospital, Kingdom School and Kingdom City. Also in 1995, he bought a 2.3 percent share of ]Mediaset
Mediaset S.p.A. is an Italian mass media and television production and distribution company that is the largest commercial broadcaster in the country. The company is controlled by the holding company MFE – MediaForEurope (the original ...
after having invested earlier in the Arab Radio and Television Network, acquiring 30 percent. In October 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 corporation and technology company headquartered in Cupertino, California, in Silicon Valley. It is best known for its consumer electronics, software, and services. Founded in 1976 as Apple Comput ...
, making him the largest shareholder. In Nov. 1997, he purchased 1 percent share of Motorola
Motorola, Inc. () was an American multinational telecommunications company based in Schaumburg, Illinois. It was founded by brothers Paul and Joseph Galvin in 1928 and had been named Motorola since 1947. Many of Motorola's products had been ...
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 o ...
for $146 million, before its purchase by AOL and merger with Time Warner
Warner Media, LLC ( doing business as WarnerMedia) was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City.
It was established as Time Warne ...
. In 2001 and 2002, Al Waleed increased his stake in AOL Time Warner by another $540 million.[ He also invested in MCI, ]Fox Broadcasting
Fox Broadcasting Company, LLC (commonly known as Fox; stylized in all caps) is an Television in the United States, American commercial broadcasting, commercial broadcast television broadcaster, television network serving as the flagship proper ...
and other technology and media companies.
''Time'' reported in 1997 that Al Waleed owned about five percent of News Corporation
The original incarnation of News Corporation (abbreviated News Corp. and also variously known as News Corporation Limited) was an American Multinational corporation, multinational mass media corporation founded and controlled by media mogul Ru ...
, 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, 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 for $57 million, and another 16 percent in November 1998 for $45 million.[
In October 1997, Al Waleed bought 27 percent of Mövenpick Hotels & Resorts, which he increased to 33 percent in 2003.][
In 1999, '']The Economist
''The Economist'' is a British newspaper published weekly in printed magazine format and daily on Electronic publishing, digital platforms. It publishes stories on topics that include economics, business, geopolitics, technology and culture. M ...
'' 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. (formerly 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 telecommunicatio ...
, Priceline.com, Coca-Cola
Coca-Cola, or Coke, is a cola soft drink manufactured by the Coca-Cola Company. In 2013, Coke products were sold in over 200 countries and territories worldwide, with consumers drinking more than 1.8 billion company beverage servings ...
, and Ford Motor Company
Ford Motor Company (commonly known as Ford) is an American multinational corporation, multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. T ...
, totaling almost $2 billion. In Asia, he bought 5.9 percent of Daewoo
Daewoo ( ; ; ; ; 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 conglomerate) and aut ...
for $50 million, which he increased to 18 percent with an additional $100 million investment, 3 percent of PROTON Holdings
Proton Holdings Berhad, commonly known as Proton (stylised PROTON), is a Malaysian multinational Automotive industry, automotive company. Proton was established on 7 May 1983, as Malaysia's sole national budget car company until the advent o ...
for $46 million, 3 percent of Ong Beng Seng's Hotel Properties Ltd., and $50 million worth of Hyundai Motor Company
Hyundai Motor Company, often referred to as Hyundai Motors, ( ) and commonly known as Hyundai (), is a South Korean multinational corporation, multinational Automotive industry, automotive manufacturer headquartered in Seoul, South Korea, which ...
bonds. In Africa, he invested $50 million, acquiring 10 percent of Sonatel
Sonatel ''()'' is the principal telecommunications provider of Senegal. The company was created by Djibo Leyti Ka, when he was Ministry of Telecommunications in 1985 to provide Senegal with its own telecommunications industry, with Ndaly Ndiaye. ...
, 10 percent of Ecobank, 13.7 percent of United Bank for Africa, 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 North Ridge in ...
. Investments which turned out poorly included WorldCom, Priceline, Teledesic, and KirchMedia, 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 film photography. The company is headquartered in Rochester, New York, and is incorporated i ...
and TWA, 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.][
His real-estate holdings included large stakes in the Four Seasons Hotels and Resorts and New York's Plaza Hotel; Al Waleed sold half his shares in the Plaza in August 2004. He has invested in London's Savoy Hotel and Monaco's Monte Carlo Grand Hotel. Al Waleed holds a ten-percent stake in Euro Disney S.C.A., the company which owns, manages and maintains ]Disneyland Paris
Disneyland Paris is an entertainment resort in Marne-la-Vallée, France, located about east of Paris. It encompasses two theme parks, seven Disney-owned hotels, two convention centers, a golf course, an arena, and a shopping, dining and entert ...
in Marne-la-Vallée
Marne-la-Vallée () (English language, English: Marne Valley) is a new town located near Paris, France.
Disneyland Paris, Walt Disney Studios Park, Val d'Europe, University of Marne la Vallée, Université Paris-Est Marne-la-Vallée, ESIEE Par ...
.[
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 hotel 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 Pac ...
; 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 ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
-based Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a global chain of luxury hotel 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 Pac ...
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 to build the world's tallest building, the Kingdom Tower (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 "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'', 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, 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, officially known as X since 2023, is an American microblogging and social networking service. It is one of the world's largest social media platforms and one of the most-visited websites. Users can share short text messages, image ...
Inc. at or immediately prior to the purchase of Twitter by Elon Musk
Elon Reeve Musk ( ; born June 28, 1971) is a businessman. He is known for his leadership of Tesla, SpaceX, X (formerly Twitter), and the Department of Government Efficiency (DOGE). Musk has been considered the wealthiest person in th ...
and other private-equity investors behind Musk's bid.
Arrest and release
On 4 November 2017, Al Waleed was one of those arrested in Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
in a "corruption crackdown" conducted by a new royal anti-corruption committee. In total, 320 princes, ministers and businessmen were detained at the five-star Ritz-Carlton Hotel in Riyadh. This was done on the orders of Crown Prince Mohammad bin Salman, who acted with the aim of consolidating his position as the next ruler of the kingdom. Crown Prince Mohammad bin Salman is Al Waleed's first cousin; both are male-line grandsons of Ibn Saud
Abdulaziz bin Abdul Rahman Al Saud (; 15 January 1875Ibn Saud's birth year has been a source of debate. It is generally accepted as 1876, although a few sources give it as 1880. According to British author Robert Lacey's book ''The Kingdom'', ...
, first monarch
A monarch () is a head of stateWebster's II New College Dictionary. "Monarch". 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 ...
and founder of Saudi Arabia.
Al Waleed and most of the other Saudi notables arrested made financial settlements of some kind with the Saudi government before they were released. In his case, as in the case of most of the other detainees, the Saudi Arabian government did not disclose charges or produce evidence, and the negotiations were held in secret. In December, some weeks after the arrests, it was reported that the Saudi Arabian authorities were demanding $6 billion from Prince Al Waleed bin Talal in exchange for his release.
Al Waleed was released from detention in late January 2018, nearly three months after his arrest. According to a Wall Street Journal report, the price for his release was $6 billion. In comparison, his first cousin Prince Mutaib bin Abdullah, son of the late King Abdullah (1924–2015), was released after reportedly paying $1 billion.
Just days before his arrest, Al Waleed reportedly contacted US-based Saudi journalist Jamal Khashoggi
Jamal Ahmad Hamza Khashoggi (13 October 1958 – 2 October 2018) was a Saudi journalist, Saudi dissidents, dissident, author, columnist for ''Middle East Eye'' and ''The Washington Post'', and a general manager and editor-in-chief of Al-Arab New ...
(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.
''Forbes'' dispute
In 2013, Kerry Dolan, 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, first published on 5 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 Tele ...
'' that he would pursue legal action against ''Forbes''. "They are accusing me of market manipulation
In economics and finance, market manipulation occurs when someone intentionally alters the supply or demand of a security to influence its price. This can involve spreading misleading information, executing misleading trades, or manipulating ...
," 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 Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardi ...
'' 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 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), 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. 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".
Al Waleed advocates for pragmatic governance, praises Giorgia Meloni’s centrist approach, and aligns with Donald Trump on social issues.
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 scholarship at ]Phillips Academy
Phillips Academy (also known as PA, Phillips Academy Andover, or simply Andover) is a Private school, private, Mixed-sex education, co-educational college-preparatory school for Boarding school, boarding and Day school, day students located in ...
in Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was Settler, settled in 1642 and incorporated in 1646."Andover" in ''Encyclopedia Britannica, The New Encyclopædia Britannica''. Chicago: Encyclopædia Britannica Inc., 15th ed. ...
. He 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 days, the purpose of which is to raise money for a charitable, political or other cause.
Most telethons feature heavy solicitatio ...
ordered by Saudi King Fahd to help relatives of Palestinians after Israeli operations in the West Bank
The West Bank is located on the western bank of the Jordan River and is the larger of the two Palestinian territories (the other being the Gaza Strip) that make up the State of Palestine. A landlocked territory near the coast of the Mediter ...
city of Jenin
Jenin ( ; , ) is a city in the West Bank, Palestine, and is the capital of the Jenin Governorate. It is a hub for the surrounding towns. Jenin came under Israeli occupied territories, Israeli occupation in 1967, and was put under the administra ...
. In 2004, he contributed $17 million to victims of the 2004 Indian Ocean earthquake and tsunami
On 26 December 2004, at 07:58:53 local time ( UTC+7), a major earthquake with a magnitude of 9.2–9.3 struck with an epicentre off the west coast of Aceh in northern Sumatra, Indonesia. The undersea megathrust earthquake, known in the sci ...
.
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, 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 Disbarment, disbarred lawyer who served as the 107th mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney ...
, 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 conflictand 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 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 Jesuit research university in Washington, D.C., United States. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789, it is the oldest Catholic higher education, Ca ...
$20 million to create the Prince Alwaleed bin Talal Center for Muslim-Christian Understanding (ACMCU) in the university's School of Foreign Service, 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 (, ; abbreviated as ''Edin.'' in post-nominals) is a public research university based in Edinburgh, Scotland. Founded by the town council under the authority of a royal charter from King James VI in 1582 and offi ...
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
The University of Cambridge is a Public university, public collegiate university, collegiate research university in Cambridge, England. Founded in 1209, the University of Cambridge is the List of oldest universities in continuous operation, wo ...
and the Islamic Studies Program at Harvard University
Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...
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, United States. It was established in 1870 with roots in the Methodist Episcopal Church but has been nonsectarian since 1920 ...
, Al Waleed is an honorary member of the advisory board of the Maxwell School of Citizenship and Public Affairs.
First Saudi female pilot
Al Waleed is considered a proponent of female emancipation in the Arab world. He financed the training of Hanadi Zakaria al-Hindi 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 sail- or marine propulsion, motor-propelled watercraft made 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 ...
in the world, the '' Kingdom 5KR'' (originally built as the ''Nabila'' for Saudi arms dealer Adnan Khashoggi
Adnan Khashoggi (; 25 July 1935 – 6 June 2017) was a Saudi businessman and arms dealer known for his business dealings, extensive geopolitical influence, and opulent lifestyle, which earned him the moniker "''The Jay Gatsby, Great Gatsby ...
in 1979). In 1983, owned by Khashoggi, it appeared as the ''Flying Saucer'' (the yacht of James Bond
The ''James Bond'' franchise focuses on James Bond (literary character), the titular character, a fictional Secret Intelligence Service, British Secret Service agent created in 1953 by writer Ian Fleming, who featured him in twelve novels ...
'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 (novel), Thunderball'' by Ian Fleming, which in turn was based on an original story by Kevin McClory, Jack Wh ...
''. It was sold to Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party (United States), Republican Party, he served as the 45 ...
, 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 long-range wide-body aircraft, wide-body airliner designed and manufactured by Boeing Commercial Airplanes in the United States between 1968 and 2023.
After the introduction of the Boeing 707, 707 in October 1958, Pan Am ...
, an Airbus A321
The Airbus A321 is a member of the Airbus A320 family of short to medium range, Narrow-body aircraft, narrow-body, commercial passenger Twinjet, twin engine jet airliners; it carries 185 to 236 passengers. It has a stretched fuselage which was ...
and a Hawker Siddeley 125. Al Waleed was the first individual to purchase an Airbus A380
The Airbus A380 is a very large wide-body airliner, developed and produced by Airbus until 2021. It is the world's largest passenger airliner and the only full-length double-deck jet airliner.
Airbus studies started in 1988, and the pr ...
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; seven-percent ownership of ]News Corporation
The original incarnation of News Corporation (abbreviated News Corp. and also variously known as News Corporation Limited) was an American Multinational corporation, multinational mass media corporation founded and controlled by media mogul Ru ...
; 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 company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
, and a 17-percent ownership of '' Al Nahar'' and a 25-percent ownership of '' Ad-Diyar'' (two daily newspapers published in Lebanon
Lebanon, officially the Republic of Lebanon, is a country in the Levant region of West Asia. Situated at the crossroads of the Mediterranean Basin and the Arabian Peninsula, it is bordered by Syria to the north and east, Israel to the south ...
). 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 fourth 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 of Saudi Arabia in 2002 and is a recipient of the Lebanese National Order of the Cedar.[ On 2 December 2009, he received the Order of Izzudin from ]Maldives
The Maldives, officially the Republic of Maldives, and historically known as the Maldive Islands, is an Archipelagic state, archipelagic country in South Asia located in the Indian Ocean. The Maldives is southwest of Sri Lanka and India, abou ...
President Mohamed Nasheed
Mohamed Nasheed (; born 17 May 1967), also known as Anni (), is a Maldivians, Maldivian politician and activist who served as president of the Maldives from 2008 until his resignation in 2012. A founding member of the Maldivian Democratic Part ...
; that year he also received the Star of Palestine, the highest honour conferred by the State of Palestine
Palestine, officially the State of Palestine, is a country in West Asia. Recognized by International recognition of Palestine, 147 of the UN's 193 member states, it encompasses the Israeli-occupied West Bank, including East Jerusalem, and th ...
. 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, officially the Republic of Guinea-Bissau, is a country in West Africa that covers with an estimated population of 2,026,778. It borders Senegal to Guinea-Bissau–Senegal border, its north and Guinea to Guinea–Guinea-Bissau b ...
'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 to the southeast by Liberia and by Guinea to the north. Sierra Leone's land area is . It has a tropical climate and envi ...
(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.
Honors
Saudi Arabian national honours
Foreign honors
Personal life
Al Waleed has been married multiple times. His first marriage was in 1976, at the age of 19.[ His first wife was his ]cousin
A cousin is a relative who is the child of a parent's sibling; this is more specifically referred to as a first cousin. A parent of a first cousin is an aunt or uncle.
More generally, in the kinship system used in the English-speaking world, ...
, Princess Dalal bint Saud, a daughter of King Saud. 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; after about six years of marriage, they divorced in 2014. In an interview, he said: "Yes, I announce it through '' Okaz''—'' Saudi Gazette'' 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
See also
* List of Lebanese people in Saudi Arabia
References
Further reading
* John Rossant, ''The Prince: A Biography of Prince Alwaleed Bin Talal'' (HarperCollins, 2001)
* Riz Khan, ''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
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-Jabiri family
Syrian billionaires
Al Waleed
Saudi Arabian philanthropists
Saudi Arabian prisoners and detainees
Maxwell School of Citizenship and Public Affairs alumni
Al Solh family
Recipients of the Order of the Republic (Sudan)
Recipients of the Order of Izzuddin