.. about my loses this year.
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Saudi Investor Lost $4 Billion This Year
Adam Schreck, THE ASSOCIATED PRESS
December 14, 2008
DUBAI, United Arab Emirates - The Saudi prince who owns a double-decker "flying palace" and recently raised his bet on Citigroup lost $4 billion US in the past year, according to a published report Sunday, showing that even the ultra-rich are getting pinched by the global financial crisis.
The pain is relative, of course. Prince Alwaleed bin Talal remains the world's richest Arab with a net worth of about $17 billion as of Dec. 2, Dubai-based magazine Arabian Business reported in its annual ranking.
That is nearly twice as much as the second-richest on the list, but a considerable drop from the $21 billion the magazine said the prince was worth a year ago.
Arabian Business said it based its figure on a direct review of the prince's holdings and a face-to-face meeting with the man who's been dubbed "the Arabian Warren Buffett."
Alwaleed last month announced he would raise his stake in ailing banking giant Citi (NYSE:C) to five per cent from less than four per cent. The move has failed to significantly boost the bank's share price.
The Saudi royal's controlling stake in Kingdom Holding, which invests in well-known companies such as computer maker Apple Inc. (NYSE:AAPL) and Rupert Murdoch's News Corp. (NYSE:NWS), accounts for nearly $8 billion of his wealth, the magazine said.
Alwaleed also owns Middle East media company Rotana Holding, and controls more than $3 billion worth of real estate, including a 50-hectare personal resort complete with a private zoo.
And then there's the Airbus A380 superjumbo jet Alwaleed bought and had outfitted for his personal use. It's valued at $330 million - a little less than the price tag for his other two jetliners combined.
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Saudi Investor Lost $4 Billion This Year
Adam Schreck, THE ASSOCIATED PRESS
December 14, 2008
DUBAI, United Arab Emirates - The Saudi prince who owns a double-decker "flying palace" and recently raised his bet on Citigroup lost $4 billion US in the past year, according to a published report Sunday, showing that even the ultra-rich are getting pinched by the global financial crisis.
The pain is relative, of course. Prince Alwaleed bin Talal remains the world's richest Arab with a net worth of about $17 billion as of Dec. 2, Dubai-based magazine Arabian Business reported in its annual ranking.
That is nearly twice as much as the second-richest on the list, but a considerable drop from the $21 billion the magazine said the prince was worth a year ago.
Arabian Business said it based its figure on a direct review of the prince's holdings and a face-to-face meeting with the man who's been dubbed "the Arabian Warren Buffett."
Alwaleed last month announced he would raise his stake in ailing banking giant Citi (NYSE:C) to five per cent from less than four per cent. The move has failed to significantly boost the bank's share price.
The Saudi royal's controlling stake in Kingdom Holding, which invests in well-known companies such as computer maker Apple Inc. (NYSE:AAPL) and Rupert Murdoch's News Corp. (NYSE:NWS), accounts for nearly $8 billion of his wealth, the magazine said.
Alwaleed also owns Middle East media company Rotana Holding, and controls more than $3 billion worth of real estate, including a 50-hectare personal resort complete with a private zoo.
And then there's the Airbus A380 superjumbo jet Alwaleed bought and had outfitted for his personal use. It's valued at $330 million - a little less than the price tag for his other two jetliners combined.
