Saudi stars

Anil Bhoyrul looks at the 10 biggest names in the Kingdom when it comes to power, success and wealth.

HRH Prince Alwaleed
Chairman, Kingdom Holding

When it comes to power, success and influence, there is no one bigger than 52 year-old Prince Alwaleed, a nephew of the late HRH King Fahd of Saudi Arabia.

Top of the Arabian Business Power List and Rich List, he has long guarded a glittering investment portfolio which includes stakes in dozens of blue-chip companies, including Citigroup in which he owns a 4.3% stake worth approximately US$10bn, Apple Computers, Canary Wharf, and Disneyland Paris.

The Prince is the largest individual foreign investor in the US and, via his 5.46% stake in News Corporation, is one of the world's most influential Arab businessmen. He also owns several other companies in Saudi Arabia and throughout the Gulf. Earlier last year Prince Alwaleed floated 25% of his Kingdom Hotels Investments in London and Dubai, giving the hospitality company a US$1.6bn market capitalisation, although the order book was 14 times oversubscribed and raised around US$6bn in demand. As Arabian Business went to press the Prince was preparing to sell 5% of his main investment vehicle, Kingdom Holding Company (KHC), to Saudi nationals in an initial public offering that values the billionaire investor's company at US$17.2bn.

KHC, which had US$24bn in assets at the end of 2006, will offer 315 million existing shares at 10.25 Saudi Riyals (US$2.73) each, the Capital Markets Authority (CMA) said. And now, the next ‘big thing' is Africa.

Prince Alwaleed describes the continent as "still sleeping" but reveals that last year he made a staggering 120% return on his investments there. If it's so good though, why haven't other companies leapt at the chance to invest?

"There is a syndrome. Some African countries are not very stable - maybe two or three. But unfortunately people in the world amalgamate the whole African continent with one incident or one problem. They say all Africa is not doing good. Okay, Zimbabwe has a problem. Burundi has a problem. But Senegal is excellent. Ghana, Kenya, Uganda, Zambia, Angola, Mozambique - you know, 95% of African countries are okay; there is no problem at all. And there is an opportunity that people aren't seeing," he says.

Dr Nahed Taher
CEO, Gulf One Investment Bank

Gulf One is a Bahrain-headquartered bank with an authorised capital of US$1bn. Dr Nahed Taher is the first Saudi woman to head a bank in the Gulf region.

She was first recognised as a senior economist at the National Commercial Bank, making her the first woman to hold such a position in a bank in Saudi Arabia.

Dr Taher holds a Master's Degree in international economics as well as a PhD in economics from University of Lancaster, UK. She has a vast knowledge in the field of economics and financial analysis and has held numerous senior positions both in academia and the private sector.

Before joining NCB, she worked as a lecturer and later as the head of the accounting unit at King Abdul Aziz University in Jeddah. From 1987 until 2002, Dr Taher acted as a financial advisor to a number of Saudi companies. She later joined the National Commercial Bank (NCB) in 2002 where she became a senior strategic economist and led the bank's Portfolio Management Committee.

Dr Taher is also known for her extensive knowledge in the field of international economics and has participated in numerous global economic forums across the world. She is a member of the Saudi Economic Association, Centre for Strategic Studies of Mekkah, Business Women Committee and the Eisenhower Fellowship in Saudi Arabia.

Furthermore, Gulf One's mission parallels that of its founder. Dr Taher believes in the immense investment potential of Gulf Cooperation Council (GCC) infrastructure projects and private equity investment.

Gulf One's financial products and services are currently focusing on mega-energy and infrastructure investments worth US$1 trillion over the next 10 years. In addition, the bank provides sound services in restructuring and mergers and acquisitions.