http://ca.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-01-30T204508Z_01_L30790550_RTRIDST_0_BUSINESS-LEISURE-FAIRMONT-ALWALEED-COL.XML&archived=False
Saudi prince gives Muslim capital a global name Mon Jan 30, 2006 3:46 PM EST By Souhail Karam RIYAHD (Reuters) - Saudi billionaire Prince Alwaleed is getting one step closer to putting Muslim capital on the world's luxury leisure industry map after teaming up with Colony Capital in a $3.9 billion deal to buy Fairmont Hotels & Resorts Inc. (FHR.TO: Quote) (FHR.N: Quote) Colony and Kingdom Hotels International, the prince's hotel investment group, have agreed to combine Fairmont with the Raffles hotel group to create an international luxury chain with 120 hotels in 24 countries. With interests in Four Seasons Hotels & Resorts, George V Hotel and Movenpick Hotels & Resorts, the new deal will put the prince in competition with luxury brands launched recently by Starwood Capital Group and Hilton Hotels Corp. (HLT.N: Quote) Prince Alwaleed bin Talal has been ranked by Forbes as the world's fifth-richest person. His estimated fortune of $23.7 billion makes him the wealthiest Muslim businessman. A nephew of Saudi King Abdullah, the 50-year-old prince has amassed an enormous fortune from investing in shares, property and recently the Arab music and entertainment industry, all under the giant Kingdom Holding Company. While he has for a long time stayed outside of the core of political power in Saudi Arabia, the prince has recently voiced critical statements of Saudi traditionalism and the need for political and economic reforms as well as boosting women's rights. He has hired the first female airline pilot in Saudi Arabia. Prince Alwaleed was born in Riyadh to Prince Talal, son of Saudi Arabia's founder Abdulaziz al-Saud, and Princess Mona el-Solh, daughter of Riad el-Solh, the first Lebanese prime minister and leader of its independence. He completed his studies in the United States where he received a master's degree in Social Science from Syracuse University in 1985. His activities as an investor came to prominence when he bought a large stake in Citigroup (C.N: Quote) when it was in rocky waters. He later acquired substantial interests in AOL, Apple Computer Inc. (AAPL.O: Quote), Worldcom, Motorola Inc. (MOT.N: Quote), News Corporation Inc. (NWS.N: Quote) and others. In January last year Prince Alwaleed bought the Savoy Hotel in London for some 250 million pounds. The prince is also involved in charitable activities across the Middle East, Asia and Africa, with estimated donations of $100 million annually. At home, he also receives on a regular basis needy Saudis under a state-of-the-art tent. Last year, he donated a combined $40 million to Georgetown University and Harvard University for the expansion of their Islamic studies programs. But his offer in 2001 of a $10 million donation to the City of New York for relief efforts after the September 11, 2001 attacks was turned down. Former New York Mayor Rudolph Giuliani said then the prince's comments that Washington "must address some of the issues that led to such a criminal attack" could be construed as a justification of the attacks, perpetrated by mainly Saudi nationals. -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
