Prince Al Waleed bin Talal
Fifty-one year-old HRH Prince Al Waleed bin Talal (born 7 March, 1955), a nephew of the late King Fahd of Saudi Arabia, was born to Prince Talal, son of the founding king of Saudi Arabia, Abdul Aziz Al Saud, and Princess Mona El-Solh, daughter of Riad El-Solh, the first Prime Minister of modern day Lebanon. (Prince Al Waleed holds Lebanese citizenship through his mother and has extensive business contacts in Lebanon).
Prince Alwaleed bin Talal Al Saud is the 13th richest person in the world, according to Forbes with a net worth of $20.3 billion as of March 2007. In July 2007, the prince took his Kingdom Holding company public, raising $2.3 billion. He has long guarded a glittering investment portfolio that has included stakes in dozens of blue-chip companies, including Citigroup (in which he owns a 4.3% stake worth approximately US$10bn), Apple Computer, CanaryWharf, eBay, Amazon.com, Kodak, Motorola, Walt Disney, Saks Inc., PepsiCo, and Procter & Gamble. The Prince is the largest individual foreign investor in the US, and also holds 5.46% stake in News Corp, which encompasses Fox News, Harper Collins, The Sunday Times-UK,Sky, Star TV and other media networks.He also owns many other companies in Saudi Arabia and throughout the Gulf with most investments in upscale hotel chains and resorts, real estate, telecommunications, construction and banking.
Al Waleed is known as a champion of moderate Muslim identity and forpromoting Muslim-Western dialogue, granting $20 million each to Harvard and Georgetown universities for Muslim study centers. These donations came after had incurred American disdain in the immediate aftermath of Sept. 11, 2001 when he offered a $10 million check to NYC Mayor Rudolph Giuliani but then said that the US had been at fault because of its foreign policies in the Middle East. Giuliani, due to popular anger of the remarks, was forced to return the money. Al Waleed is also known to have given $500,000 to the Council on American Islamic Relations (CAIR), an organization that has been accused of having links with Hamas.
Al Waleed is not in line to take over the throne and has largely steered clear of the Saudi political sphere, much preferring to attend to his business ventures. His financial strength has accorded him a certain say in political, economic and social matters in the kingdom, however. He and his family, especially his father Prince Talal bin Abdel-Aziz (a half brother of the Saudi monarch) are big proponents of liberalization of the Saudi state and enjoy string relations with King Abdullah. Al Waleed take part in major Saudi delegations from time to time and has a good relationship with the Bush family.He's also a progressive on women's issues. It was well publicized that he hired some of the women protestors in Saudi Arabia to work for him who were arrested after partaking in a "drive-in" protest against the Saudi government’s ban against female driving. He also hired the first-ever accredited Saudi woman pilot in 2004.
His father has not been afraid to directly challenge the Saudi royal establishment in pushing for political reform in the kingdom. In fact, he announced in September that he wanted to form a political party (which is illegal in Saudi Arabia), though this project is still in the making. Prince Talal was a leader of the ‘free princes’ movement in the 1950s and exiled to Egypt for his political activism and opposition to the monarchy. He has since been allowed to return home but continues to call for greater democracy within Saudi Arabia.
Al Waleed is a powerful and highly influential voice within the Saudi and regional business communitiesThough it doesn’t hurt to be a prince, al Waleed calls himself a self-made man, who used a $30,000 loan from his father to start his own business and founded a business empire that is valued at around $23bln 28 years later. His drive and entrepreneur skills are reputable, as his hectic and hardworking lifestyle. (He lists his hobbies as: Working, working & working.)
Al Waleed is certainly one of the most progressive Saudi royals, comfortable doing business both in the West and in the Arab world and has been described as a bridge between the West and the Middle East. He's not afraid to use Western business practices such as layoffs, performance standards and cost-cutting, which are largely unheard of in Saudi Arabia.
He is also according to a source within the Saudi business community, known for “getting the best” of his business partners. In other words, he is rumored to have used his influence – both as a prince and a billionaire – to limit his partners’ financial benefits while maximizing his own. It is known in Kuwait and the Emirates that doing business with Al Waleed comes at a high cost. In Kuwait, several business leaders have tried to prevent Al Waleed entering the market. It should be remembered that this opinion comes from local business partners, as opposed to Western business partners.
Other business sources with close relations with al Waleed say the involvement of the prince in this potential business partnership is an excellent sign for a Western company. Al Waleed not only has extensive experience in international business relationships from Asia to North America, his Kingdom Holding Company also has a solid reputation for due diligence, business ethics, and world class operations. The prince is known for getting the job done and resolving any problems that may arise.
In fact, he is very much like western businessmen in that he hires professional firms to conduct background checks on individuals and firms with whom he is considering entering into a joint venture. Given his reputation in the Middle East, he enjoys disproportionate amount of influence in any business relationship irrespective of the dollar value associated with a given stake. Put differently, his say has a lot more weight in deals involving other Arab companies.
Al Waleed has said that one of his proudest achievements is that his company, Kingdom Holding Company, has never been involved in a scandal. The Economist did an investigative report into al-Waleed's investments a few years back and questioned his famed acumen. However, like others who have tried to dig up dirt on AlWaleed, they had little success.
Prince Khaled bin Alwaleed Al Saud
Prince Khaled bin Alwaleed Al Saud is the only son of billionaire Saudi businessman Prince Alwaleed bin Talal Al Saud. The 30 year old is a director in Kingdom Holding, his father’s company. Prince Khaled is also Chairman of several other companies. He has kept a considerably low-profile in the media, preferring to stay in the background.
Prince Khaled travels frequently between the Middle East, Europe and elsewhere following his father’s business interests. Like his father, Prince Khaled is also considered Westernized and progressive on most issues, including that of the role of women in Saudi society. He is said to be business-minded like his father and serious, but also simple and nice.
Prince Khaled married the daughter of the country's finance minister,Ibrahim al-Assaf, in 2005 - an event that made the news, as his bride was a non-royal.
The Al Hokair family
FawazAbdulazizAl Hokair is a Saudi national. He holds a Bachelors in Economics and Accountancy, Loughborough University, UK. He is known in Saudi Arabia as a pioneer in bringing international fashion trends to the kingdom by collaborating with leading world labels to supply Saudi consumers with choices that were previously unavailable.
In 1990, Al Hokair and his two brothers established Fawaz Abdulaziz Al Hokair and Company. By entering into long-term relationships with international brand names, the Group evolved from two apparel stores to one of the largest retailers in the Middle East with 600 outlets representing more than 40 international brands.The first hyper market in the Kingdom, Geant Hypermarket in Riyadh, was Fawaz al Hokair’s brain child to introduce the concept to Saudi consumers.
Some of his early critics were concerned about his daring approach to business. He admits his adventurism might have looked excessive, but in the end it paid off. He gets inspiration from watching biographies of successful personalities on television, and he finds that reading and walking provide an opportunity to think. He also describes spending quality time with his family as one of his primary activities. Fawaz al Hokair has also been vocal in his demands for the Saudi government to better enable the private sector through liberalization policies.
Salman Al Hokair is the brother of Fawaz Al Hokair, and heads up the AlHokair Group’s real estate, construction and security interests. He is a Senior Vice President in the Group and an engineer by profession, described as the “engine of growth and development” in the company.Salman al Hokair holds a Bachelors in Architecture from KingSaudUniversity. He is also on the Board of Directors of FSA Real Estate Denmark ApS, RetailGroup Scandinavia A/S. A key part of Fawaz Alhokair Real Estate is Arabian Centres, the management organization in charge of its shopping mall network. Headed by Salman Alhokair it provides a comprehensive one-stop service for all aspects of tenant relations, including leasing, marketing, security and maintenance services.
Dr. Abdulmajeed Al Hokair is the third brother. He helps run the family business and serves as CEO and Vice President of Fawaz Abdulaziz Al Hokair Company Holding, FAS Saudi Holding Company, and Fawaz Abdulaziz Al Hokair and Company. In addition, he sits on their Board of Directors. He also is a Director of the Board of FSA Real Estate Denmark ApS, Retail Group Scandinavia A/S. Dr. Al Hokair is a graduate of the King Saud University with a Fellowship of the Arab Board for Dermatology and Venerology and is a Member of the Saudi Board of Dermatology and Venerology.
Al Hokair unquestionably dominates the retail sector in Saudi Arabia. The company's target, according to Fawal al Hokair is "the mass mid-market.” He says,"people who buy the expensive brands, such as Armani, travel outside Saudi Arabia and are well catered for. Part of their joy is to shop in London, Paris and New York. But for basic everyday wear, you are not going to go to Milan. You will buy it where it is handy and the mass mid-market is where the demography is going to explode in the next 10-15 years." Fawaz al Hokair has also publicly emphasized his company’s exclusive Saudi focus: "We are a Saudi company and concentrate on Saudi Arabia," he said in an interview. "We are not interested in being a big player in Dubai or a small player in Kuwait. We prefer to be a big player in Saudi Arabia and this has been central to our mission statement." Al-Hokair also has a reputation of engaging in regular discount promotions.
According to business contacts in Riyadh, al Hokair Group’s track record varies from sector to sector in the retail market, given that they are involved in a wide range of enterprises.Being involved in a broad array of retail activities has provided them with great cross-market experience. The downside of this is that this limits their attention span to any one venture. Al Hokair tends to treat new business ventures as one among many as opposed to the main event. This attitutude depends largely on the status of the business partner, however.
These sources also claim that al-Hokair has not refurbished or reinvented themselves. They allege the company remains same as they were a decade ago despite the fact that the market dynamics have changed drastically. That said, with the recent changes in the business climate in the country, the involvement of Kingdom Holding and the client in question, al Hokair is likely to give its full attention to this project.
The AlHokair company was targeted in a 10 million Saudi Riyal (approximately $2.7 million) lawsuit in 2004 concerning the rights to be the agent/distributor for Nike. Fawaz Albdulaziz Al-Hokair Company was sued by Al-Dhiban Trading and Contracting Co. for SR 10 million for assigning the rights related to the Nike brand to AlHokair, who stopped payment of the check based on a dispute relating to this agency. Al-Hokair lost the suit, and was ordered to pay the SR 10 million but has appealed to the Saudi Chamber of Commerce and is countersuing Al-Dhiban. The decision on the appeal is still pending.