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Prince Alwaleed Receives Former US Treasury Secretary & Held A Dinner in Honor of His Guest

September 21, 2011

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), received and held a dinner in honor of Mr. Larry Summers, Former Secretary of the Treasury of the United States and Former Director of the White House, United States National Economic Council for President Barack Obama. The meeting was also attended by Mr. Alberto Verme, CEO of Europe, Middle East, and Africa, Citigroup.

During their meeting HRH and Mr. Summers discussed business and economic issues. They also discussed Prince Alwaleed’s investments in the US in light of being one of the largest foreign investor there.

In May 2011, Prince Alwaleed was on a trip to the United States of America and during his visit to New York he met with Mr. Michael Bloomberg, Mayor of the City of New York and Founder of Bloomberg at the New York City Hall. Prince Alwaleed also attended the 15th Microsoft CEO Summit held at the Microsoft Conference. HRH’s visit was in response to an invitation from Mr. Bill Gates, Chairman of Microsoft to attend the event. During the same trip Prince Alwaleed granted interviews to prominent US media entities to discuss various topics such as his investments, the current status of the global economy and the Middle East.

HRH has significant investments in the US in the financial sector via Citigroup, in the media and entertainment sector through News Corporation, Time Warner and in the hotel sector through the Fairmont New York Plaza one of New York’s most distinctive landmarks, Four Seasons hotel via the management of Four Seasons Hotels and Resorts in which KHC hold a 47.5% interest, and in retail via SAKS Fifth Avenue.

Prince Alwaleed first invested in Citigroup in 1991, and is the largest single shareholder in Citigroup. In January 2008, Prince Alwaleed privately participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The direct investment was made alongside an exclusive group of leading international investors. The Prince converted the preferred shares in 2009 into common shares (voting shares) at $3.25 per share (32.50 after the recent 10:1 reverse stock split).

HRH is the second largest shareholder in News Corp and also the beneficial owner of approximately 7 percent of News Corporation’s Class B Common Stock.

The New York Plaza that is owned 50% by HRH through KHC underwent a $400 million renovation and reopened a few years ago. The hotel is managed by Fairmont Raffles Hotels International (FRHI) in which KHC holds a 35% interest.