News | January 12, 2010

Prince Alwaleed bin Talal Spends Big Bucks

News | January 12, 2010

By Jillian Lobato

Last year was tough even for one of the world’s wealthiest men, Saudi Arabia’s Prince Alwaleed bin Talal. Last year, he saw his Kingdom Holdings sell off a 50% stake in the Four Seasons Hotel des Bergues in Geneva and other hotel assets.

It didnt seem to phase him, as he is still building the Airbus and has transferred 180 million of his own shares in Citigroup into Kingdom Holdings, giving the company a whopping boost of approximately $597 million. Aside from a vote of confidence for Citi, the prince says his reason for it was due to the group’s plans to invest in new hotels in the Gulf region including the Kingdom Tower, a skyscraper in Jeddah on the Red Sea that’s actually taller than Burj Khalifia.

Via: Luxist