Al Waleed bin Talal Al Saud is a prominent Saudi Arabian billionaire businessman, investor, philanthropist, and member of the Saudi royal family. He has made significant contributions to various industries and has been recognized as one of the most influential individuals globally. This article provides an in-depth look into Al Waleed’s life, achievements, and controversies.
Early Life And Education
Born on March 7, 1955, in Jeddah, Saudi Arabia, Al Waleed is the grandson of Abdulaziz, the first king of Saudi Arabia, and Riad Al Solh, Lebanon’s first prime minister. His father, Prince Talal bin Abdulaziz, served as Saudi Arabia’s finance minister during the early 1960s. Al Waleed’s parents separated when he was seven, and he spent his early years living with his mother in Lebanon.
Al Waleed’s educational journey began at Pinewood College in Beirut. He later attended the King Abdulaziz Military Academy in Riyadh. After a brief return to Lebanon, he pursued his higher education in the United States. Al Waleed earned a bachelor’s degree in business administration from Menlo College in California in 1979. He then went on to complete a master’s degree with honors in social science from the Maxwell School of Citizenship and Public Affairs at Syracuse University in 1985.
Business Ventures And Investments
Al Waleed is the founder, CEO, and majority owner of Kingdom Holding Company, a conglomerate with diverse investments in various sectors. The company’s portfolio includes financial services, tourism and hospitality, mass media, entertainment, retail, agriculture, petrochemicals, aviation, technology, and real estate. With a market capitalization of over $18 billion in 2013, Kingdom Holding Company has played a significant role in shaping the Saudi Arabian economy.
Al Waleed’s business empire extends beyond Saudi Arabia. He is a minor shareholder in Zaveriwala Holdings LLC and holds ownership of prestigious properties like Paris’ Four Seasons Hotel George V and a portion of New York’s Plaza Hotel. His strategic investments and entrepreneurial vision have earned him the nickname “Arabian Warren Buffett.”
Philanthropy And Social Initiatives
Al Waleed is known for his philanthropic efforts and has donated substantial amounts to various charitable causes worldwide. His philanthropic foundation, Alwaleed Philanthropies, supports initiatives in areas such as education, health, poverty alleviation, disaster relief, and women’s empowerment. The foundation has made significant contributions to improving education infrastructure, providing scholarships, and supporting medical research.
Recognition And Wealth
Al Waleed’s business acumen and influence have garnered him numerous accolades and recognition. He was listed on Time magazine’s Time 100, an annual list of the hundred most influential people in the world, in 2008. Forbes consistently ranked him among the world’s wealthiest individuals, with a net worth of $39.8 billion in 2017.
Controversies And Legal Issues
In November 2017, Al Waleed, along with other prominent Saudis, was arrested as part of an anti-corruption drive initiated by the Saudi government. The allegations against him included money laundering, bribery, and extorting officials. He and several other detainees were held at the Ritz-Carlton in Riyadh for nearly three months. Al Waleed was eventually released in January 2018 following a financial settlement.
Early Beginnings and Real Estate Ventures
After graduating from Menlo College in 1979, Al Waleed returned to Saudi Arabia during the oil boom. In 1980, he founded Kingdom Establishment with a modest start-up capital provided by his father. His first success came in 1982 when he partnered with a South Korean construction company, using the commissions earned to fund his real estate deals. Al Waleed’s investments in the real estate market included stakes in Canary Wharf, Four Seasons Hotel Group, and News Corporation.
Expansion Into Banking
Following the end of the Saudi oil boom, Al Waleed acquired the underperforming United Saudi Commercial Bank (USCB) and merged it with Saudi Cairo Bank (SCB) to form United Saudi Bank (USB). He then went on to merge USB with the Saudi American Bank (SAMBA), creating one of the leading Middle Eastern banks. These mergers were the first of their kind in the Kingdom and established Al Waleed as a prominent figure in the banking industry.
International Investments
Al Waleed’s international investments focused on established brands that were going through challenging times. He conducted thorough research and waited for the right entry points to make his purchases. Notable investments include Chase Manhattan, Citigroup, Manufacturers Hanover, and Chemical Bank. He eventually concentrated his investments in Citicorp, acquiring a 4.9 percent stake in the bank. His investment in Citicorp played a crucial role in saving the bank during a period of financial difficulty.
Expansion Into The Hospitality Industry
Al Waleed’s investments in the hospitality industry were significant. He acquired a controlling interest in Fairmont and a stake in the Four Seasons Hotel Group. He also purchased the Plaza Hotel in New York and the George V in Paris, renovating the latter for a grand reopening in 1999. His investments in Euro Disney and Mövenpick Hotels & Resorts further expanded his presence in the hospitality sector.
Diversification Of Investments
In addition to his real estate and hospitality ventures, Al Waleed diversified his investments across various sectors. He invested in technology and media companies such as Apple, Motorola, Netscape, and News Corporation. He also made investments in companies like Coca-Cola, Ford Motor Company, and Kodak. While some investments, such as WorldCom and Priceline, did not perform well, others, like TWA, showed moderate success.
Philanthropy And Charitable Contributions
Al Waleed has been actively involved in philanthropy throughout his career. He established Alwaleed Philanthropies, a charitable organization through which he has donated billions of dollars to various causes over the years. In 2015, he announced his intention to donate his entire fortune to charity, further solidifying his commitment to making a positive impact on society.
Recent Investments
In recent years, Al Waleed has continued to make notable investments. In 2011, he contracted with the Saudi Binladin Group to build the Kingdom Tower, which was planned to be the world’s tallest building. He also invested in Twitter, purchasing $300 million worth of secondary shares in 2011.
Arrest And Release
In November 2017, Al Waleed was among those arrested in Saudi Arabia as part of a corruption crackdown led by Crown Prince Mohammad bin Salman. The arrests were made under the pretext of a new royal anti-corruption committee and aimed to consolidate the crown prince’s position as the next ruler of the kingdom. Al Waleed, along with 320 other princes, ministers, and businessmen, was detained at the luxurious Ritz-Carlton Hotel in Riyadh.
During their detention, most of the detainees, including Al Waleed, made financial settlements with the Saudi government in order to secure their release. However, the government did not disclose specific charges or produce evidence, and the negotiations were held in secret. It was reported in December that the Saudi Arabian authorities were demanding a staggering $6 billion from Prince Al Waleed in exchange for his release. This amount was significantly higher than what other detainees reportedly paid for their release.
After nearly three months of detention, Al Waleed was finally released in late January 2018. According to reports, the price for his release was indeed $6 billion, which was a substantial sum even for someone of his wealth. In comparison, his first cousin, Prince Mutaib bin Abdullah, was released after reportedly paying a much smaller amount of $1 billion.
Forbes Dispute
In 2013, Al Waleed became involved in a dispute with Forbes regarding his net worth. The editor of Forbes’ annual billionaires’ list, Kerry Dolan, wrote an article titled “Prince Alwaleed and the Curious Case of Kingdom Holding Stock” that alleged a correlation between changes in the share price of Kingdom Holdings and the annual run-up to the list’s publication. Dolan claimed that Al Waleed would try to impress her by blind copying her on text messages he sent to prominent individuals.
The article also discussed the methodology behind Forbes’ estimate of Al Waleed’s wealth and examined Kingdom Holdings’ share performance. Al Waleed’s chief financial officer, Shadi Sanbar, demanded that Forbes increase its valuation of his wealth or remove his name from the billionaires’ list. In response, Al Waleed announced through his office that he would “sever ties” with the list.
Al Waleed expressed his intention to pursue legal action against Forbes, accusing them of market manipulation and displaying bias against Middle East investors and financial institutions. In June 2013, he brought a defamation claim in London against the publisher of Forbes, its editor, and two journalists from the magazine. Forbes expressed surprise at the libel action and stated that it stood by its story.
The dispute between Al Waleed and Forbes continued for several years until June 2015 when they released a joint statement announcing that they had settled their dispute on mutually agreeable terms. The opening of the Saudi stock exchange to foreign investors played a role in the settlement, as the defendants considered the stock price of Al Waleed’s publicly traded Kingdom Holding Company in valuing his wealth.
Political Views
Prince Al Waleed bin Talal Al Saud has expressed his political views on various occasions. One notable instance was when he tweeted a statement along with a picture of himself holding an honorary Palestinian passport. In the tweet, he stated that he would not visit Jerusalem or pray inside it until it is liberated from what he referred to as the “Zionist enemy.” This statement showcased his support for the Palestinian cause and his opposition to the Israeli occupation.
In another instance, Al Waleed faced criticism for offering to buy Bentley cars for Saudi fighter pilots involved in the Saudi-led intervention in Yemen. He later deleted the tweet, but it raised questions about his involvement in the conflict and his political stance.
Philanthropy
Prince Al Waleed bin Talal Al Saud is known for his extensive philanthropic efforts. He has made significant donations to various causes and organizations, both in Saudi Arabia and internationally.
In 1997, Al Waleed invested $10 million with the Palestinian Investment and Development Company (PADICO) and co-founded the Jerusalem Development and Investment Company (JEDICO). These investments aimed to support economic development and investment opportunities in Palestine.
He has also made substantial contributions to disaster relief efforts. In 2004, he donated $17 million to support victims of the Indian Ocean earthquake and tsunami. Additionally, Al Waleed has contributed to educational institutions, such as the George Herbert Walker Bush scholarship at Phillips Academy and the establishment of centers for the study of Islam in universities like Georgetown and Edinburgh.
One of his most significant philanthropic announcements came in 2015 when he pledged to donate $32 billion to various humanitarian projects. These funds were intended to support initiatives such as empowering women and youth, disaster relief, disease eradication, and fostering cultural understanding.
Donation after 9/11 Attacks:
Following the 9/11 attacks, Prince Al Waleed bin Talal Al Saud made a donation of $10 million to New York City Mayor Rudy Giuliani. However, his donation was returned by Giuliani due to Al Waleed’s statement that called for a re-examination of US policies in the Middle East and a more balanced stance towards the Palestinian cause. Al Waleed believed that addressing the underlying issues that led to the attacks was crucial.
This incident sparked a controversy and highlighted the differing political perspectives on the Middle East conflict. Giuliani argued that Al Waleed’s comments were part of the problem, emphasizing the importance of distinguishing between liberal democracies like the United States and terrorist states.
Support for Female Emancipation:
Prince Al Waleed bin Talal Al Saud has been recognized as a proponent of female emancipation in Saudi Arabia. He financed the training of Hanadi Zakaria al-Hindi as the first Saudi woman commercial airline pilot. Al-Waleed expressed his full support for Saudi women working in all fields, highlighting his belief in gender equality and women’s empowerment.
Assets
Prince Al Waleed bin Talal Al Saud is known for his extravagant lifestyle and ownership of various assets. He owns the 65th-largest private yacht in the world, the Kingdom 5KR, which he purchased from Donald Trump. He also ordered the construction of another yacht called the New Kingdom 5KR, which is estimated to cost over $500 million.
In addition to his yachts, Al Waleed owns several private aircraft, including a Boeing 747, an Airbus 321, and a Hawker Siddeley 125. He was the first individual to purchase an Airbus A380, although he sold it before taking delivery.
Al Waleed holds significant stakes in various companies, such as Kingdom Holding Company, Rotana Video and Audio Visual Company, and Lebanese Broadcasting Corporation. He also owns shares in News Corporation, Citigroup, and several newspapers published in Lebanon.
Prince Alwaleed Bin Talal Alsaud
Prince Alwaleed Bin Talal Alsaud, a prominent Saudi Arabian businessman and investor, boasts an impressive net worth of $18.7 billion as of October 2023. With his vast fortune, he has established himself as one of the wealthiest individuals in the world.
Palaces
Prince Al Waleed bin Talal Al Saud owns three palaces. The Kingdom Palace, his primary residence, is a lavish 250,000-square-foot property in Riyadh. It features 317 rooms adorned with Italian marble, silk oriental carpets, gold-plated faucets, and 250 TVs. The palace boasts multiple kitchens, including one dedicated to desserts and another for traditional Saudi Arabian cuisine. The palace also includes a private zoo, an indoor swimming pool, and a fully equipped gymnasium.
Awards
Prince Al Waleed bin Talal Al Saud has received numerous awards and honors throughout his life. Some of the notable awards he has received include:
Order of King Abdulaziz: In 2002, Al Waleed received the first order of the Order of King Abdulaziz of Saudi Arabia, recognizing his contributions and achievements.
Lebanese National Order of the Cedar: Al Waleed is a recipient of the Lebanese National Order of the Cedar, which is one of the highest honors bestowed by the Lebanese government.
Order of Izzudin: In 2009, Al Waleed received the Order of Izzudin from the President of Maldives, Mohamed Nasheed, in recognition of his accomplishments.
Star of Palestine: Also in 2009, Al Waleed was honored with the Star of Palestine, the highest honor conferred by the State of Palestine.
Dwight D. Eisenhower Award for Innovation: In 2010, Al Waleed received this prestigious award, recognizing his innovative contributions to various fields.
Bahrain Medal of the First Order: In 2012, Al Waleed was awarded the Bahrain Medal of the First Order, the highest honorary medal in Bahrain.
Mahaujjval Rastradip Manpadvi: Al Waleed received this award, the highest bestowed on a foreigner, from Nepal in 2012.
Colina De Boe Medal: Also in 2012, Al Waleed was honored with the Colina De Boe Medal by Guinea-Bissau.
Grand Commander of the Order of the Republic of Sierra Leone: In 2013, Al Waleed was made the Grand Commander of the Order of the Republic of Sierra Leone, the highest honor in the country.
Honorary Companion of the National Order of Merit of the Republic of Malta: In 2014, Al Waleed was made an Honorary Companion of the National Order of Merit of the Republic of Malta.
Personal Life
Prince Al Waleed bin Talal Al Saud has been married multiple times. His first marriage was to his cousin, Princess Dalal bint Saud, in 1976. They have two children together, Prince Khaled and Princess Reem. However, they later divorced in December 1994.
In 1996, Al Waleed married Princess Iman Sudairi, but their marriage lasted only approximately a year. He then married Kholood Al Anazi in 1999, but they divorced in 2004.
His fourth wife was Ameera al-Taweel, whom he married in 2008. However, they divorced in 2014. Al Waleed has expressed respect for Ameera al-Taweel despite their separation.
