Prince Alwaleed tops first Saudi Rich List

Kingdom Holding chief is No 1 on the inaugural Arabian Business top 50 list with fortune of $16.3bn.
By Andrew White
Sun 30 Aug 2009 06:42 AM

 

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 .

 

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.