Saudi Billionaire prince to customize A380 for $176m
Jan 1, 2009 | 08:56 PM
#34
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Prince Alwaleed Loses 19% of Wealth on Global Slump
Prince Alwaleed bin Talal, Citigroup Inc.’s largest individual investor, lost 19 percent of his personal wealth in the past year as the global economic slump reduced the value of banking and property assets, according to Arabian Business.
The Saudi billionaire was ranked the wealthiest Arab with assets worth $17.08 billion as of Dec. 2, the 2008 Rich List, published on the Dubai-based magazine’s Web site today said. That compares with $21 billion a year ago, the magazine reported, citing Alwaleed’s private financial accounts.
“Everyone has been guessing for 20 years” about the assets, Alwaleed was quoted by Arabian Business as saying. “I want you to get it right -- to get it absolutely right.”
Financial firms worldwide have taken $980 billion of writedowns, losses and credit provisions since the start of the current turmoil in the financial markets, according to data compiled by Bloomberg. More than 200,000 jobs have been cut across the industry and the U.S. benchmark Standard & Poor’s 500 Index has dropped 40 percent this year.
Making Money
Alwaleed, a nephew of the late King Fahd bin Abdulaziz al-Saud, stands out among more than 2,000 Saudi princes because he’s made money. After earning a bachelor’s degree from Menlo College near San Francisco, he returned to the Persian Gulf and parlayed an inheritance of less than $1 million into a billion- dollar fortune in the 1980s, mostly through real-estate investments, according to Riz Khan’s biography “Alwaleed: Businessman, Billionaire, Prince” (William Morrow, 2005.)
I'm sure he's regretting the A380 purchase (or not?)
Prince Alwaleed bin Talal, Citigroup Inc.’s largest individual investor, lost 19 percent of his personal wealth in the past year as the global economic slump reduced the value of banking and property assets, according to Arabian Business.
The Saudi billionaire was ranked the wealthiest Arab with assets worth $17.08 billion as of Dec. 2, the 2008 Rich List, published on the Dubai-based magazine’s Web site today said. That compares with $21 billion a year ago, the magazine reported, citing Alwaleed’s private financial accounts.
“Everyone has been guessing for 20 years” about the assets, Alwaleed was quoted by Arabian Business as saying. “I want you to get it right -- to get it absolutely right.”
Financial firms worldwide have taken $980 billion of writedowns, losses and credit provisions since the start of the current turmoil in the financial markets, according to data compiled by Bloomberg. More than 200,000 jobs have been cut across the industry and the U.S. benchmark Standard & Poor’s 500 Index has dropped 40 percent this year.
Making Money
Alwaleed, a nephew of the late King Fahd bin Abdulaziz al-Saud, stands out among more than 2,000 Saudi princes because he’s made money. After earning a bachelor’s degree from Menlo College near San Francisco, he returned to the Persian Gulf and parlayed an inheritance of less than $1 million into a billion- dollar fortune in the 1980s, mostly through real-estate investments, according to Riz Khan’s biography “Alwaleed: Businessman, Billionaire, Prince” (William Morrow, 2005.)
I'm sure he's regretting the A380 purchase (or not?)
Mar 24, 2009 | 03:52 PM
#36
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Posts: 15,199
From: MidEast
Citi plus the other bad intestments = down almost 50%
Last edited by GrayTT; Mar 24, 2009 at 03:59 PM.
Mar 24, 2009 | 03:57 PM
#37
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From: City of Angels and Nice Cars
LOL @ this thread jumping all over the place...
I don't care how he got his money... I flew in a certain prominent businessman's custom jumbo once and running on a treadmill at 30,000 feet is amazing, then taking a shower, getting cleaned up and sitting down to a 5 course meal wasn't bad either.
He's got little planes for the short hauls/small strips. Having a custom Jumbo is the bizznass for the long overseas flights.
I don't care how he got his money... I flew in a certain prominent businessman's custom jumbo once and running on a treadmill at 30,000 feet is amazing, then taking a shower, getting cleaned up and sitting down to a 5 course meal wasn't bad either.
He's got little planes for the short hauls/small strips. Having a custom Jumbo is the bizznass for the long overseas flights.
