Prince of projects loses US$4 billion
DUBAI – The Saudi prince who owns a string of luxury hotels and his own Boeing 747 – and has an Airbus A380 mega-jumbo on order – has lost US$4 billion, maybe more, in the global economic meltdown.
The latest Arab Rich List published by Arabian Business magazine estimates the fortune of Prince Alwaleed bin Talal at US$17 billion.
That is nearly twice as much as the second richest on the list, but a considerable drop from the US$21 billion the magazine said the prince was worth a year ago.
In 2007, Forbes magazine estimated the prince’s wealth at US$29.5million, making him the world’s 17th richest man, and the richest Arab.
The Saudi royal’s controlling stake in Kingdom Holdings, which invests in well-known companies such as computer maker Apple Inc. and Rupert Murdoch’s News Corp., accounts for nearly $8 billion of his wealth, the magazine said.
Kingdom’s hotel investments include sizeable stakes in the Four Seasons and Fairmont groups, London’s Savoy Hotel, New York’s Plaza Hotel and Monaco’s Monte Carlo Grand Hotel. The company also has a stake in Euro Disney.
Another prominent name on the list: the Bin Laden family, which makes its money in the construction business. Arabian Business claims the net worth of the clan, which has tried to distance itself from its most notorious member, at a mere US$7.2 billion
Altogether, the magazine said the world’s 50 richest Arabs lost a combined US$25 billion amid the global meltdown
Ian Jarrett
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Skyscanner reveals major travel trends 2026 at ITB Asia
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
In Italy, the Meloni government congratulates itself for its tourism achievements