Wednesday, 19 June 2013

Saudi Billionaire Prince Sues Forbes For Underestimating His Wealth

Saudi Arabian billionaire, Prince Al-Waleed bin Talal, one of the world's wealthiest businessmen who owns assets including London's Savoy hotel is suing Forbes magazine. 
The 58-year-old businessman and member of the Saudi royal family alleged the publication's iconic list of the world's billionaires and their fortune has undervalued his wealth by $9.6bn.

Talal is presently ranked 26th on the list, with $20bn to his name. The list is topped by Mexican billionaire Carlos Slim, who is valued at $73bn. The prince claims his actual fortune is closer to $30bn, meaning he would move up 16 places and break into the top ten.

According to the GuardianUK, the lawsuit also alleges the magazine is "demonstrably biased" against people Saudi Arabian firms. Talal has filed a suit in a high court in London. The report quotes legal experts as claiming he will need to provide substantial proof to support his accusation.

Forbes has claimed "intermittent lobbying, cajoling and threatening" by the prince's representatives and the magazine has backed its research, findings and the story. The publication also questioned Talal's tactics in filing the case in London and not New York City, where the magazine is headquartered.

In another report by Reuters yesterday: Prince Alwaleed says he is looking at the world's largest cities, including Shanghai, Moscow, London and New York, as possible locations to build a mile-high skyscraper that would be the world's tallest building by far.

The prince is inviting Dubai's biggest real estate developer Emaar Properties, chaired by Mohammed Alabbar, to team up with his investment firm Kingdom Holding on the project.

"Right now we are discussing and evaluating the possibility of building a one-mile (1.6-kilometre) tower," Alwaleed told Reuters by telephone late on Monday.
"We also need good partners. I invite Emaar and Mr. Alabbar to join forces with us and see how we can build the ultimate one-mile tower somewhere in the world."

If it is built, the mile-high tower would surpass the world's current tallest skyscraper, the 828-metre (2,717-foot) Burj Khalifa in Dubai, as well as the one-kilometre-high Kingdom Tower now being built by Kingdom Holding in the Saudi Arabian city of Jeddah. 
See how this people are talkin about money, Ok odinma nu! 

Source: International Business Times, GuardianUK, The Economic Times.

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