Monday, Dec 15, 2008
(This item was originally published Sunday.)
DUBAI (Zawya Dow Jones)--Banking and finance mogul Prince Alwaleed bin Talal Al Saud is still the richest Arab alive despite losing an estimated $4 billion in net worth last year, according to the 2008 Arabian Business Rich List for the world's 50 richest Arabs.
The Arab Rich List, which was published Sunday, surveys Arabs who made their money through business dealings and deliberately excludes royalty unless their wealth was accumulated through business dealings.
Prince Alwaleed, despite massive exposure to the global credit crisis, is said to have a net worth of $17.08 billion - nearly double the net worth of the second richest Arab, Kuwaiti retailer Nasser Al Kharafi.
Kharafi gained two places since 2007, with an estimated net worth of $9.6 billion followed by Saudi Arabia's Maan Al Sanea, who also gained two places since 2007, with a net worth of $9.3 billion from his dealings in construction and industry.
In fourth place is Saudi's Sheikh Mohammed bin Issa Al Jabber, up 19 places since 2007, who deals in travel and hospitality and the energy tycoon Mohammad Al Amoudi. Both are estimated to be worth $8.8 billion.
United Arab Emirates' Abdulaziz Al Ghurair, whose dealings are in banking and finance, is up two places since last year with an estimated net worth of $7.8 billion.
He is followed by Saudi's Bin Laden family in construction and industry, who have maintained their number seven position, and the Olayan family who deals in banking and finance. Both families are estimated to be worth $7.2 billion.
At number nine is Bahrain's Kanoo family, who have an estimated $6.1 billion through travel and hospitality and at number ten is Palestinian construction and industry tycoon Said Khoury with an estimated $6 billion in wealth.
Newspaper Web site: http://www.arabianbusiness.com/
-By Tahani Karrar, Dow Jones Newswires, +9714 364 4965 Tahani.Karrar@dowjones.com
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
15-12-08 0421GMT
