How Saudi Prince Alwaleed Bin Talal earned SR 8.25 billion in 1 Week?

  • 1 week ago
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One of his companies, Kingdom Holding in KSA has shown a rise in market share price for about 17.6 % during one week. This increase in the share price earned Saudi Prince Alwaleed Bin Talal a fortunate $2.2 billion during one week. According to Bloomberg Billionaires Index, Prince AL-Waleed stands among 40 richest persons of the world whose wealth collectively consists of assets of US$ 29.5. The famous and highest earning company of the Prince AL-Waleed Kingdom holding company recently sold its bonds for the very first time.[irp]

 

The company has been planning to undertake the largest project for construction of world’s tallest tower in the world in Jeddah city. Prince AL-Waleed is the owner of more than 95 % of Kingdom Holding company shares. The world’s largest tower project is requiring a budget of SAR 4.6 billion which is equal to the US $ 1.2 billion. Such a huge project requires financial support from various financial and banking institutions as lenders or investors to fulfill the dream of world’s largest tower of the world in KSA. The speaker of Kingdom Holding company has announced that the company has taken financial support from various banking sectors for the financing of the project. The current year-long term liabilities of Kingdom Holding Company in lieu of bank financing credits and term finance certificates is about SAR 1.4 billion according to latest financial statements of the company.

The recent statistics of the company show that the company has earned a rise in profit of about 9.4 % which indicates progressing condition of the company. The net profit Kingdom holding company earned during the second quarter of recent has also shown an increase in its worth. The emerging rise in profit of the company is due to the healthy investments of company and sale of various estate businesses in middle-east. The estate businesses had shown a deficit due to recession in market and company had to release the money to stay safe from further loss.

Kingdom holding company has shares in various top companies around the globe. It has a shareholding in the CITI Group and owns some part of microblogging site Twitter and Rupert Murdoch’s News Corp. The owner of Kingdom Holding company, Prince AL-Waleed is 95 % holder of company shares and stands among richest persons of the world.[irp]

He is the nephew of King Abdullah and has been ranked among top richest Arab businessman by Arabian business Magazine. The value of his net assets is US 21.3 billion which is shown a continuous increase in its worth.  It is expected that with the construction of world’s largest tower in KSA by KHC, Prince may stand among few top richest persons of the world.



Source: lifeinsaudiarabia

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