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Prince Alwaleed and Forbes Joint Public Statement on Settlement of Libel Suit

June 17, 2015

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, Forbes LLC, Forbes Media LLC and two Forbes writers, have settled Prince Alwaleed’s libel suit against the Forbes companies and the two writers, on mutually agreeable terms. Given the opening of the Saudi stock exchange to foreign investors beginning in June 2015, Forbes and the other defendants are currently comfortable with using the stock price of Prince Alwaleed’s publicly traded investment firm, Kingdom Holding Company, in valuing the KHC component of Prince Alwaleed’s wealth.

 

About HRH Prince Alwaleed

Prince Alwaleed, a member of the Royal Family of Saudi Arabia, is a businessperson and philanthropist.  He holds 95% of Kingdom Holding Company (KHC), which was founded in 1980. KHC is a publicly traded company, which was listed on the Tadawul (Saudi Stock Exchange) in 2007.  KHC’s portfolio has its major interests in investment sectors ranging from luxury management hotel companies (Four Seasons Hotels and Resorts, Fairmont Raffles Holding Intl and Mövenpick Hotels, Resorts AG and Swissotel) and real estate (Kingdom Tower project in Jeddah and Kingdom Riyadh project) to hotel real estate investments (The Plaza, New York, Savoy Hotel, London and Four Seasons, George V Hotel, Paris and other hotels). KHC also has investments in Petrochemical (Tasnee) Media and Publishing (News Corporation and Saudi Research and Marketing Group), as well as in Entertainment (Euro Disney S.C.A), in addition to Finance and Investment services (Citigroup), Social Media and Technology (Twitter and Jingdong). Moreover, the Company has investments in Education (Kingdom Schools), Health Care (Medical Services Projects Company), Aviation (NAS Saudi Arabia) and Agriculture (Kingdom Agricultural Development Company – KADCO Egypt).

 

HRH Prince Alwaleed also chairs the Alwaleed Philanthropies (AP), which are involved in a wide spectrum of humanitarian and philanthropic activities in 92 countries. The AP support and initiate projects around the world, regardless of gender, race or religion. Furthermore, the AP collaborate with a range of philanthropic, government and educational organizations to combat poverty, empower women and the young, develop communities, provide disaster relief and create cultural understanding through education. The Alwaleed Philanthropies also build bridges for a more compassionate world.