7 famous business deals by Saudi Prince Alwaleed Bin Talal
Of course, Prince Al Alwaleed was part of a corruption probe that led to his detaining among other prominent Saudi princes and business people, many of whom are settling billions in return for their release.
AMEinfo takes a look at 7 famous business deals by Saudi Prince Alwaleed Bin Talal, the man who owns 95 per cent of Kingdom Holdings.
1-The prince bought a huge chunk of shares off financial giant ‘Citicorp’ in 1991 and later bailed out ‘Citibank’ with $550m. He now owns stakes worth $1bn in the firm.
2- Alwaleed purchased the Savoy Hotel located in London for $250m in early 2005. That year he sold stakes in Apple Inc, which he first invested in, in the mid-1990s, when shares in the company were worth less than $10 each (today they are worth $172.5).
3- In 2006, Kingdom Holding entered into an acquisition deal to grab the Fairmont Group of hotels. The deal was worth a stunning $3.9bn.
4- In 2011, Alwaleed invested $1.25bn with the Saudi Arabian construction firm Bin Laden group to build the then titled Kingdom Tower. Now called Jeddah Tower, it will become the highest building in the world upon completion.
5- In December 2011 Alwaleed invested $300 million in ‘Twitter’, a media he uses on many occasions.
6- In September 2017, Alwaleed bought around half of French lender Crédit Agricole’s stake in Banque Saudi Fransi for approximately $1.5bn.
7- Today, Alwaleed owns 6.6 per cent of 21st Century Fox, a company with revenues of $27.3bn in 2016.