Saudi Arabia remains investment hub after crackdown, Investcorp says
7 years, 1 month ago

Saudi Arabia remains investment hub after crackdown, Investcorp says

Live Mint  

London: Saudi Arabia remains an attractive destination for investors despite a sudden crackdown on corruption that led to concerns about transparency, according to a top executive at asset-management firm Investcorp Bank BSC. “Saudi Arabia is still a big market in terms of fundraising and investing,” Hazem Ben-Gacem, head of the Bahrain-based firm’s European private equity business, said on the sidelines of the World Economic Forum in Davos. Saudi Arabia freed Prince Alwaleed bin Talal and several of the nation’s most prominent businessmen from detention this weekend, clearing the Ritz-Carlton hotel that served as their jail. The Prince Mohammed bin Salman bin Abdulaziz Foundation, named after the heir to the throne, Investcorp now has over $21.4 billion assets under management, spread over companies, real estate, alternative investments and credit management.

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History of this topic

Saudi Arabia’s market watchdog allows foreign investment in listed firms with property in Mecca, Medina
1 month, 3 weeks ago

Saudi Arabia’s market watchdog allows foreign investment in listed firms with property in Mecca, Medina

Live Mint  

Saudi Arabia's market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam's two holiest sites, Mecca and Medina, as the Gulf country seeks to attract more investment. Saudi Arabia's market watchdog, the Capital Market Authority, said in a statement the move aimed to attract foreign capital and provide liquidity for present …

Now foreigners can invest in Saudi firms that own property in Mecca, Madina
2 months ago

Now foreigners can invest in Saudi firms that own property in Mecca, Madina

Firstpost  

Saudi Arabia aims to welcome 30 million pilgrims for Haj and the year-round pilgrimage umrah annually by 2030. Saudi Arabia’s market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam’s two holiest sites of Mecca and Medina, as the Gulf country looks to attract more investment. Saudi Arabia’s market watchdog, the …

Abu Dhabi’s Mubadala Tops Saudi PIF With $29 Billion Deals
Trending News
2 months, 3 weeks ago

Abu Dhabi’s Mubadala Tops Saudi PIF With $29 Billion Deals

Live Mint  

-- Abu Dhabi’s Mubadala Investment Co. was the world’s most active sovereign wealth fund last year as it ramped up deal-making across everything from private credit to artificial intelligence. Middle East sovereign wealth funds made up five of the top 10 most active global dealmakers for the second year in a row, according to the report. Yet it is Abu …

How Saudi Arabia’s $1.5 trillion Neom megacity has had another major setback
4 months, 2 weeks ago

How Saudi Arabia’s $1.5 trillion Neom megacity has had another major setback

Firstpost  

Saudi Arabia’s Neom, a $1.5 trillion mega-city project aimed at transforming the Kingdom’s economy, has run into a new challenge. This is among the many roadblocks the project has experienced, including scaled-back timelines and complaints of harsh working conditions Neom, launched in 2017 by Saudi Crown Prince Mohammed bin Salman, is envisioned as an ultra-modern city that spans 26,500 square …

Saudi Fintech Acquisition by Tabby Sparks New Hopes for VCs
6 months, 2 weeks ago

Saudi Fintech Acquisition by Tabby Sparks New Hopes for VCs

Hindustan Times  

When Saudi Arabia-based Tabby — one of the Middle East’s first fintech unicorns — announced it was acquiring startup Tweeq, it turned heads among venture capitalists eyeing investment opportunities in the kingdom. Saudi Fintech Acquisition by Tabby Sparks New Hopes for VCs {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The deal, which will see Tabby buy the digital-wallet operator for an undisclosed sum, …

Saudi Arabia’s investment fund has been set an impossible task
10 months, 1 week ago

Saudi Arabia’s investment fund has been set an impossible task

Live Mint  

About a decade ago, a flashy, deep-pocketed investor made an appearance. Saudi Arabia’s Public Investment Fund had a mandate to go big, and was ready to: it picked up a $3.5bn stake in Uber, placed $45bn in the world’s largest technology-investment fund, SoftBank’s Vision Fund, and provided half the capital for a $40bn infrastructure fund run by Blackstone, a private-equity …

Middle Eastern Sovereign Wealth Funds become the world's ATM
1 year, 6 months ago

Middle Eastern Sovereign Wealth Funds become the world's ATM

Live Mint  

Five years ago, Saudi officials watched a wave of American finance executives pull out of a free investment confab in Riyadh after the murder of a dissident journalist made the kingdom a toxic place to do business. The region’s sovereign-wealth funds have become the en vogue ATM for private equity, venture capital and real-estate funds struggling to raise money elsewhere. …

Saudi Arabia gives 4% of Aramco worth $80B to fund
3 years, 1 month ago

Saudi Arabia gives 4% of Aramco worth $80B to fund

The Hindu  

Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media …

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund
3 years, 1 month ago

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund

Hindustan Times  

Saudi Arabia transferred a stake worth about $80 billion in state oil giant Aramco to the kingdom’s wealth fund as part of plans to boost its assets under management to over $1 trillion in four years. Saudi Arabia said it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 …

Is Saudi Arabia’s wealth fund tipping towards China?
3 years, 4 months ago

Is Saudi Arabia’s wealth fund tipping towards China?

Al Jazeera  

Saudi Arabia’s sovereign wealth fund may be eyeing expanding its holdings beyond the United States and Europe, after it applied for an institutional investor license in China. Saudi Arabia’s sovereign wealth fund may be poised to start making major investments in Chinese companies, after so far mostly limiting its overseas holdings to the U.S. and Europe. The $450 billion Public …

Saudi Arabia to stop contracting with firms without local HQ
4 years, 1 month ago

Saudi Arabia to stop contracting with firms without local HQ

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia announced on Monday that it plans to stop signing contracts with foreign companies that don’t have their Mideast headquarters in the kingdom, state-run media reported, a bold move that could escalate business competition in the region. 2024, aims to solicit foreign investment, increase efficiency of state spending and boost local employment, according to …

MBS says Aramco to sell more shares to boost Saudi wealth fund
4 years, 2 months ago

MBS says Aramco to sell more shares to boost Saudi wealth fund

Al Jazeera  

MBS said Saudi Aramco will sell more shares as part of plans to bolster the kingdom’s main sovereign wealth fund, which aims to increase its assets from $400bn to $1 trillion by 2025. Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, on Thursday said that Saudi Aramco will sell more shares as part of plans to …

Saudi Arabia’s ‘Davos of the Desert’ awaits new US policy
4 years, 2 months ago

Saudi Arabia’s ‘Davos of the Desert’ awaits new US policy

Al Jazeera  

Saudi Arabia, the Arab world’s largest economy, is scheduled to hold its annual Future Investment Initiative amid the ongoing coronavirus pandemic and a new US administration said to be reluctant to cede to the kingdom’s strategic imperatives. There has never been a more important time to bring the greatest minds together to harness this opportunity to reimagine our world.” Vision …

Column: If the Khashoggi murder didn’t make Saudi money toxic, the Bezos hack won’t either
5 years, 2 months ago

Column: If the Khashoggi murder didn’t make Saudi money toxic, the Bezos hack won’t either

LA Times  

President Trump with Saudi Crown Prince Mohammed bin Salman at the White House. The technical experts hired by Bezos found enough to conclude “with medium to high confidence that Bezos’ iPhone X was compromised via malware sent from a WhatsApp account used by Saudi Crown Prince Mohamed bin Salman.” The malware prompted the phone to transmit an immense volume of …

Failing to win foreign investors, Aramco looks homewards for IPO
5 years, 4 months ago

Failing to win foreign investors, Aramco looks homewards for IPO

Al Jazeera  

Aramco plans to rely heavily on ultra-wealthy Saudis, many of whom have been pressed to invest, to get deal done. Two years ago, when the initial public offering of Saudi oil giant Aramco held the imagination of foreign investors, President Donald Trump felt compelled to publicly lobby for the share sale to happen in America. Today Saudi Aramco isn’t just …

Saudi Aramco remains world’s most profitable company
5 years, 7 months ago

Saudi Aramco remains world’s most profitable company

Live Mint  

Saudi Aramco showed Monday it’s still the world’s most profitable company -- and paid out almost all its net income in dividends -- despite the dwindling price of oil. The company’s “unrivaled financial results” amid lower oil prices are “a testament to our resilience.” Aramco paid out $46.4 billion in dividends in the first half. That’s of particular interest to …

Saudi prince Mohammed Bin Salman’s rise to power turns him into a billionaire boss
5 years, 7 months ago

Saudi prince Mohammed Bin Salman’s rise to power turns him into a billionaire boss

Live Mint  

It was an unprecedented move against once-inviolable power figures in the kingdom, framed as a crackdown on corruption. Crude oil certainly seeded the royals’ fortune—state-owned Saudi Arabian Oil Co. controls one-fifth of the globe’s petroleum reserves—but the family’s unchallenged lock on the power structure and access to insider privileges allowed it to flourish. “There are only two people left who …

Saudi Arabia sees $100 billion investment opportunity in India: Crown Prince
6 years, 1 month ago

Saudi Arabia sees $100 billion investment opportunity in India: Crown Prince

Live Mint  

Oil-rich Saudi Arabia sees an investment opportunity of $100 billion in India in various sectors, said visiting Crown Prince Mohammed Bin Salman Wednesday here. Addressing the media along with Prime Minister Narendra Modi, the crown prince said Saudi Arabia has already invested $44 billion in India since the visit of Modi in 2016 to the Gulf nation. "We understand that …

Qatar admits it unwittingly helped bail out Jared Kushner's skyscraper
6 years, 1 month ago

Qatar admits it unwittingly helped bail out Jared Kushner's skyscraper

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy When news emerged that Qatar …

Saudi Arabia makes new pitch for $400 billion investment
6 years, 2 months ago

Saudi Arabia makes new pitch for $400 billion investment

CNN  

Dubai CNN — Saudi Arabia has unveiled a new bid to lure investments in the biggest such initiative since the killing of journalist Jamal Khashoggi. Under a new industry and logistics program, the country is looking for private sector help to develop its manufacturing, mining, energy and logistics sectors, according to the Saudi Press Agency. The country’s energy minister, Khalid …

Kingdom Holding says it will invest $1 billion in Saudi Arabia
6 years, 2 months ago

Kingdom Holding says it will invest $1 billion in Saudi Arabia

CNN  

Dubai CNN Business — The company founded by Saudi Arabia’s most prominent globalinvestor plans to spend more of its money at home. Kingdom Holding CEO Talal Ibrahim Al Maiman said Monday the firm plans to spend $1 billion in Saudi Arabia over the next six months as the country attempts to repair its reputation withforeigninvestors after the murder of journalist …

Saudi Arabia faces fight for investment after Khashoggi killing
6 years, 4 months ago

Saudi Arabia faces fight for investment after Khashoggi killing

CNN  

Dubai CNN Business — Saudi Arabia’s young crown prince had a vision for his kingdom: a country with a diversified economy, a booming tourism and entertainment industry and a budding tech hub with some of the world’s biggest names. ‘Maybe he did, maybe he didn’t’ But he also left open the possibility that bin Salman may have been involved, as …

Saudi Arabia: Behind the scenes at Mohammed bin Salman's opulent 'Davos in the desert' conference
6 years, 5 months ago

Saudi Arabia: Behind the scenes at Mohammed bin Salman's opulent 'Davos in the desert' conference

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But even this aircraft hangar-sized Saudi Arabian ballroom could …

Saudi Arabia's investment conference draw deals worth $50 billion despite boycotts over Jamal Khashogi's killing
6 years, 5 months ago

Saudi Arabia's investment conference draw deals worth $50 billion despite boycotts over Jamal Khashogi's killing

Firstpost  

A number of Western politicians and global business chiefs stayed away from Saudi Arabia’s premier investment event over the Khashoggi case. Riyadh: Saudi Arabia’s crown prince trumpeted on Tuesday a conference that has drawn investment deals worth $50 billion despite a boycott over the killing of journalist Jamal Khashoggi, declaring the event as “great - more people more money”. The …

Saudi crisis shows Wall Street struggle between ethics and cash
6 years, 5 months ago

Saudi crisis shows Wall Street struggle between ethics and cash

Live Mint  

New York: As chief executive of the world’s biggest asset manager, Larry Fink began the year with a call to the thousands of companies that the firm holds stakes in: Show how they make a “positive contribution to society.” Now Fink’s BlackRock Inc., overseeing more than $6 trillion of other people’s money, is facing a comparable challenge, stuck between conscience …

SoftBank’s deep ties with Saudi Arabia are making investors nervous
6 years, 5 months ago

SoftBank’s deep ties with Saudi Arabia are making investors nervous

CNN  

Hong Kong CNN Business — Masayoshi Son used Saudi Arabia’s oil riches to help him become one of the world’s most powerful tech investors. Shares in Son’s Japanese tech company SoftBank plunged more than 7% in Tokyo on Monday as international pressure intensified on Saudi Arabia over the disappearance of prominent journalist Jamal Khashoggi. Jeenah Moon/Bloomberg via Getty Images Top …

Here’s where Saudi Arabia has invested around the world
6 years, 5 months ago

Here’s where Saudi Arabia has invested around the world

CNN  

London CNN Business — Saudi Arabia has spent the past few years pumping its oil riches into Silicon Valley. Tech companies have been among the major beneficiaries of Saudi Arabia’s bid to diversify its economy, receiving billions of dollars via direct investments from the country’s sovereign wealth fund, or indirectly through a massive fund established with Japan’s SoftBank. Public Investment …

How will Saudi Arabia deal with the stock market plunge?
6 years, 5 months ago

How will Saudi Arabia deal with the stock market plunge?

Al Jazeera  

Saudi shares take a dive in the aftermath of the disappearance of journalist Jamal Khashoggi. The fall comes a day after US President Donald Trump threatened ‘severe punishment’ if Saudi Arabia was found to be responsible for Khashoggi’s disappearance, but Riyadh warned it would retaliate if economic sanctions are imposed on it. As pressure mounts on Saudi Arabia, several US …

Saudi Arabia’s money was a boon to Silicon Valley. Now it’s a headache.
6 years, 5 months ago

Saudi Arabia’s money was a boon to Silicon Valley. Now it’s a headache.

CNN  

CNN Business — For years, Saudi Arabia has been one of the unofficial banks for the tech industry. Uber received a staggering $3.5 billion in funding from Saudi Arabia’s Public Investment Fund in 2016 and added the Public Investment Fund’s managing director to its board, where he still serves today. The statements highlight the new challenge much of the tech …

Saudi Arabia's sovereign wealth fund set for busiest year yet as spending spree ramps up
6 years, 6 months ago

Saudi Arabia's sovereign wealth fund set for busiest year yet as spending spree ramps up

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s sovereign wealth fund …

Why Saudi Arabia Would Want to Invest in Elon Musk and Tesla
55 years, 2 months ago

Why Saudi Arabia Would Want to Invest in Elon Musk and Tesla

Wired  

At first blush, Elon Musk and the Kingdom of Saudi Arabia may appear to be strange bedfellows. But, according to Musk, who recently made news when he talked and tweeted about taking Tesla private, the investors controlling Saudi Arabia's sovereign wealth fund have approached him multiple times since the beginning of last year. The country's ruling family is well aware …

Saudi Arabian Businesses Struggle With Rule To Replace Foreign Workers With Locals
6 years, 10 months ago

Saudi Arabian Businesses Struggle With Rule To Replace Foreign Workers With Locals

NPR  

Saudi Arabian Businesses Struggle With Rule To Replace Foreign Workers With Locals Enlarge this image toggle caption Fayez Nureldine/AFP/Getty Images Fayez Nureldine/AFP/Getty Images The Mobile Market Center is a popular place in Riyadh for anyone who needs computer accessories or help with a cellphone. Middle East Saudi Prince May Have Trouble Finding U.S. Investors After Anti-Corruption Campaign Saudi Prince May …

Mohammed bin Salman: Saudi Arabia is ‘open for business’ following corruption crackdown, prince tells wary investors
7 years, 1 month ago

Mohammed bin Salman: Saudi Arabia is ‘open for business’ following corruption crackdown, prince tells wary investors

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s powerful crown prince …

Saudi authorities net $106 billion in corruption settlements
7 years, 1 month ago

Saudi authorities net $106 billion in corruption settlements

Associated Press  

DUBAI, United Arab Emirates — A wide-reaching anti-corruption campaign shrouded in secrecy and intrigue has netted more than $106 billion in financial settlements with 56 people remaining in custody, Saudi Arabia said on Tuesday. Saudi Attorney General Saud al-Mojeb said the settlements reached include seizure of real estate assets, commercial entities, securities and cash. The attorney general said the remaining …

Is the anti-corruption crackdown in Saudi Arabia over?
7 years, 2 months ago

Is the anti-corruption crackdown in Saudi Arabia over?

Al Jazeera  

Several Saudi princes arrested in Riyadh have been released after reportedly making financial deals with the government. Several of Saudi Arabia’s princes and businessmen who were held in the Ritz Carlton hotel in Riyadh for months have been released. One of Saudi Arabia’s most prominent businessmen, Prince Alwaleed bin Talal, was among them. Saudi Crown Prince Mohammed bin Salman has …

Saudi Aramco seen transforming global stocks with $1.5 trillion value
7 years, 2 months ago

Saudi Aramco seen transforming global stocks with $1.5 trillion value

Live Mint  

Dubai: Money managers in the Middle East are confident the sale of government-owned Saudi Arabian Oil Co. will shake up the global stock market this year with a record initial public offering that gives the world’s biggest company a valuation of about $1.5 trillion. “People focus on Aramco as being the key thing,” said Salman Bajwa, chief executive officer of …

Saudi Arabia graft settlements may top $100 BILLION
7 years, 2 months ago

Saudi Arabia graft settlements may top $100 BILLION

Daily Mail  

Saudi Arabia could recover $100 billion in settlements after dozens of princes and businessmen agree to hand over huge sums to be freed from detention. As part of the anti-corruption purge ordered by Crown Prince Mohammed bin Salman, a number of billionaires are being held at the Ritz-Carlton hotel in Riyadh. As part of the anti-corruption purge ordered by Crown …

New Phase Begins In Saudi Arabia's Anti-Corruption Crackdown
7 years, 2 months ago

New Phase Begins In Saudi Arabia's Anti-Corruption Crackdown

NPR  

New Phase Begins In Saudi Arabia's Anti-Corruption Crackdown It appears Saudi authorities may soon move businessmen and princes held on corruption charges from detention in a luxury hotel to a prison. And that's being seen as the Saudi government may be moving into a new phase of this anti-corruption campaign that was launched in early November and is getting ready …

Saudi Arabia’s billionaire Prince Alwaleed bin Talal begins negotiations to secure his freedom
7 years, 2 months ago

Saudi Arabia’s billionaire Prince Alwaleed bin Talal begins negotiations to secure his freedom

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

The cost of Saudi Arabia’s purge
7 years, 4 months ago

The cost of Saudi Arabia’s purge

Al Jazeera  

As Saudi Crown Prince Mohammed bin Salman’s anti-corruption purge widens, we ask how much money is at stake. Dozens of Saudi Arabian royals, ministers and businessmen have been detained in an anti-corruption probe, which is seen as Crown Prince Mohammed bin Salman consolidating his power while alarming much of the traditional business establishment. People are wondering what’s going on there, …

'$100 billion embezzled': Saudi Arabia detains 201 in anti-corruption drive
7 years, 4 months ago

'$100 billion embezzled': Saudi Arabia detains 201 in anti-corruption drive

India TV News  

Saudi Arabia announced on Thursday it has detained 201 people as part of a sweeping probe, estimating that $100 billion has been misused through embezzlement and corruption in the past decades. Saudi Attorney General Saud al-Mojeb said in a statement that 208 people had been called in for questioning since Saturday evening, and that seven people were released without charge, …

Saudi billionaires race to get assets out of the kingdom
7 years, 4 months ago

Saudi billionaires race to get assets out of the kingdom

Daily Mail  

Saudi billionaires are racing to get their assets out of the kingdom before officials seize $800 billion of funds as more than 200 people are arrested. With the purge, Crown Prince Mohammed bin Salman appears to have centralised power to a degree that is unprecedented in recent Saudi history Saud al-Mojeb said in a statement on Thursday that seven people …

Saudi Purge: Kingdom Holding tumbles after chairman Prince Alwaleed bin Talal’s arrest
7 years, 4 months ago

Saudi Purge: Kingdom Holding tumbles after chairman Prince Alwaleed bin Talal’s arrest

Live Mint  

Dubai: Shares of Kingdom Holding Co. plunged after billionaire chairman prince Alwaleed bin Talal was arrested as part of an anti-corruption purge in Saudi Arabia. Acting on orders from a newly established anti-corruption committee, headed by crown prince Mohammed bin Salman, police arrested 11 princes, four ministers and dozens of former ministers, the Saudi-owned Al Arabiya television reported. Alwaleed is …

Saudi Arabia plans to build futuristic city for innovators
7 years, 5 months ago

Saudi Arabia plans to build futuristic city for innovators

Associated Press  

RIYADH, Saudi Arabia — Saudi Arabia’s powerful crown prince on Tuesday announced plans to build a futuristic city run entirely on alternative sources of energy and said the ultraconservative kingdom must return to “moderate Islam.” The $500 billion “Neom” project, envisioned as a hub for technological innovation, will be funded by the kingdom’s sovereign wealth fund, which the prince oversees, …

A look at how Saudi Arabia is transforming its wealth fund
7 years, 5 months ago

A look at how Saudi Arabia is transforming its wealth fund

Associated Press  

DUBAI, United Arab Emirates — When global oil prices plunged three years ago, alarms went off in Saudi Arabia, one of the world’s top producers. Here’s a look at how Saudi Arabia plans to build the PIF into the world’s largest sovereign wealth fund: OWNERSHIP OF BIGGEST OIL COMPANY Saudi Arabia plans to transfer ownership of its crown jewel, state-owned …

Saudi Arabia set to become world's biggest tech investor with new $100bn SoftBank fund
8 years, 5 months ago

Saudi Arabia set to become world's biggest tech investor with new $100bn SoftBank fund

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia is making a …

Investments on hold, PM's Modi's UAE trip is really about three things: oil, FDI and terrorism
9 years, 7 months ago

Investments on hold, PM's Modi's UAE trip is really about three things: oil, FDI and terrorism

Firstpost  

PM Modi’s just-begun two-day visit to the UAE should be looked at from this perspective. Seeking investments from the cash-rich country like the UAE, which Modi rightly described as a “mini India” with 2.6 million Indian expatriates accounting for 28 percent population of the UAE, has to be obviously very high on the Indian prime minister’s radar screen. The reason …

Saudi Prince pledges entire $32 billion fortune to charitable projects
9 years, 8 months ago

Saudi Prince pledges entire $32 billion fortune to charitable projects

Firstpost  

Riyadh: Saudi Arabia’s billionaire Prince Alwaleed bin Talal on Wednesday pledged his entire $32-billion fortune to charitable projects over the coming years. The prince said in a statement that the “philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world.” He said …

Billionaire Saudi prince vows to donate $32 billion fortune
9 years, 8 months ago

Billionaire Saudi prince vows to donate $32 billion fortune

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s billionaire Prince Alwaleed bin Talal, one of the world’s richest people, announced Wednesday that he will donate all of his wealth of $32 billion to charity over the coming years. The money will go to the Saudi prince’s organization called Alwaleed Philanthropies to work in the fields of “intercultural understanding” and supporting communities …

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