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Saudi's Alwaleed Slips in World Rich List -Forbes - ASHARQ AL-AWSAT English Archive
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DUBAI,(Reuters) – Saudi Prince Alwaleed bin Talal, a shareholder in Citigroup Inc, fell six places in the Forbes magazine list of billionaires this year to 19th, though he remained the richest Arab with a $21 billion fortune.

Kuwait’s Nasser al-Kharafi and Egypt’s Naguib Sawiris, chairman of Orascom Telecom ORTE.CA, held on as the second- and third-richest Arabs, with $14 billion and $12.7 billion respectively, according to U.S. magazine’s annual list released on Thursday.

Saudi Arabia’s Mohammed al-Amoudi, whose businesses include oil, gas and construction, slipped to sixth place and the United Arab Emirates’ Abdul Aziz al-Ghurair to seventh among the richest Arabs, according to Forbes.

Ghurair is chief executive of Mashreq MASB.DU, the UAE’s third-largest lender by market value.

Onsi Sawiris, who founded the Orascom group of businesses, which includes construction and telecommunications, rose three places to number five with $9.1 billion and his son, Nassef, to fourth from tenth with $11 billion.

Nassef is chairman of Orascom Construction Industries OCIC.CA.

Saudi Arabia’s Maan al-Sanea, who last year bought a 3.1 percent stake in HSBC Holdings Plc worth 3.3 billion pounds ($6.58 billion), fell three places to ninth with $8.1 billion.

Saudi Arabia’s Mohammed bin Issa al-Jaber, whose interests include real estate and hotels, entered the top ten richest Arabs, while Saleh al-Rajhi, co-founder of Saudi Arabia’s Al Rajhi Bank 1120.SE, dropped out.

Al Rajhi Bank is the world’s largest lender by market value that complies with Islamic law, including a ban on the receipt of interest.

Alwaleed owns 3.6 percent of Citigroup through his Kingdom Holding Co 4280.SE and said in January he would invest more in the ailing U.S. bank after it wrote down billions on the subprime mortgage crisis.

Shares of Citigroup have lost about 60 percent of their value since June.

The full list of billionaires is available at (http://www.forbes.com/billionaires).

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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