Prince Alwaleed Bin Talal Al Saud, the world’s 15th-richest person, sold his Airbus A380 jet plane in the past four months, according to Shadi Sanbar, chief financial officer of the billionaire’s Kingdom Holdings Co.
Rasmala Investment Bank Ltd., which has an equity research tie-up with Royal Bank of Scotland Group Plc, hired Hans Zayed as head of Middle East and North Africa equity research and Saud Masud as senior equity analyst for real estate and construction, according to a statement on the company website.
After losing billions on U.S. stocks beginning in 2000, Alwaleed Bin Talal says he may become richer than the Oracle of Omaha. His strategy: holding an IPO for his luxury hotels and building the world’s tallest tower in his homeland.
Prince Alwaleed Bin Talal sits under an almost full moon near a campfire at his rustic retreat in Riyadh, Saudi Arabia. He’s surrounded by a zoo with zebras and giraffes, an artificial lake and a lodge that has an indoor pool, saunas and steam rooms. Three hooded falcons are perched on stands in front of him.
Abu Dhabi, the oil-rich sheikhdom that spent 36 billion dirhams ($9.8 billion) bailing out its biggest developer in 2011, will probably reach for its checkbook again as property companies in the United Arab Emirates face a stalled market and deadlines to repay debt.
Home prices in the United Arab Emirates, which have fallen by more than half since 2008, may drop by another 10 percent to 30 percent as developers add to supply in Dubai and Abu Dhabi while buyers dwindle.