Alwaleed, Bill Gates discuss joint projects at The Savoy

Updated 03 February 2013
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Alwaleed, Bill Gates discuss joint projects at The Savoy

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met with Bill Gates, co-founder and chairman of Microsoft and CEO, Cascade Investment, LLC and co-chair of the Bill & Melinda Gates Foundation at The Savoy Hotel, during the prince’s visit to London.
The meeting was attended by Isadore Sharp, founder and chairman of Four Seasons Hotels and Resorts, Michael Larson, Randy Jack, Laurie Smiley, Sarmad Zok, executive director of hotel investments, member of KHC Investment Committee and chairman and CEO of Kingdom Hotel Investments (KHI), Shadi Sanbar, KHC’s executive director and CFO and member of the investment committee, and Chuck Henry, adviser of hotel capital adviser, KHI.
During the meeting, the two discussed the latest economic developments. Moreover, Prince Alwaleed and Gates discussed topics related to KHC’s international investments, including its stake of 47.5 percent in the Four Seasons which is co-owned by Bill Gates’ Cascade with a 47.5 percent stake, of which the remaining 5 percent is owned by Isadore Sharp. Also, the two discussed future potential collaboration.
In October 2012, Prince Alwaleed held a private meeting with Bill Gates, during Prince Alwaleed’s visit to Abu Dhabi. Furthermore, the prince and Gates attended the inauguration of the 3rd Abu Dhabi Media Summit on Oct. 9, 2012. During the event, a keynote speech was given by Gates.
In January 2012, Prince Alwaleed received Gates, at Kingdom Resort. The meeting was attended by Princess Ameerah Al-Taweel, vice chairwoman and secretary general of Alwaleed Bin Talal Foundation that is chaired by Prince Alwaleed. During the meeting the two discussed potential collaboration between Alwaleed Foundation and the Bill & Melinda Gates Foundation.
Prince Alwaleed has attended the annual Microsoft CEO Summit held at the Microsoft Conference Center in Redmond Campus in Seattle, Washington. The Prince’s visit was in response to an invitation from Gates to attend the event. The prince was accompanied by his spouse Princess Ameerah Al-Taweel and a delegation from KHC and the foundation. The summit was exclusive to 100 CEOs most influential in the world. During the function, Prince Alwaleed met with some of the most prominent CEOs that included Warren Buffett, Berkshire Hathaway chairman and CEO. There was an opportunity to discuss general issues, topics related to investments and prince’s international investments especially in the United States.
The prince has significant investments in the United States through KHC in the banking sector through Citigroup where he is the largest individual shareholder, in the media sector through News Corporation, and hotels sector through the management of Four Seasons Hotels and Resorts, Fairmont and The Plaza Hotel, New York, in addition to prestigious hotels in various US states. Moreover, investments in the entertainment sector through Time Warner and Walt Disney, and in the social media and technology sector via Twitter, and many other investments in the United States.
Prince Alwaleed’s investments through KHC in the UK include The Savoy hotel, one of KHC’s major investments in the UK, Canary Wharf in the real estate sector, and Citigroup in the financial sector. In addition, other investments include a 47.5 percent interest in the Four Seasons Hotels and Resorts, which manages 3 hotels - London at Park Lane, London at Canary Wharf and the third in Hampshire.


Egypt’s president approves law for ride-hailing apps

Updated 7 min 25 sec ago
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Egypt’s president approves law for ride-hailing apps

  • El-Sisi approved a law governing popular ride-hailing apps Uber and Careem
  • The law establishes the basis for operating licenses and fees

CAIRO: Egypt’s President Abdel-Fattah El-Sisi approved a law governing popular ride-hailing apps Uber and Careem after the companies appealed a court ruling that revoked their licenses, the country’s official gazette reported Sunday.
The law establishes the basis for operating licenses and fees, and requires licensed companies to store user data for 180 days and make it available to Egyptian security authorities upon request.
There was no immediate comment from Uber and Careem. Both companies, however, had welcomed the draft law when parliament approved it in May.
Both companies provide smartphone apps that connect passengers with drivers who work as independent contractors. In March, an Egyptian court deemed it illegal to use private vehicles for taxi services and ordered Uber and Careem’s apps to be blocked. But another court overruled that ruling in April, and both companies have since continued operating. The Supreme Administrative Court on Saturday adjourned the appeal to August 25.
Data privacy is a major concern for Uber in its dealings with the Egyptian government. The strict new European General Data Protection Regulation law comes into effect on May 25 and is expected to impact its operations worldwide.
Uber was founded in 2010 in San Francisco, and operates in more than 600 cities across the world. Careem was founded in 2012 in Dubai, and operates in 90 cities in the Middle East and North Africa, Turkey, and Pakistan.
The applications took off in Cairo, a city of 20 million people with near-constant traffic and shrinking parking space. The services have recently started offering rides on scooters and tuk-tuks, three-wheeled motorized vehicles that can sometimes squeeze through the gridlock.
The apps are especially popular among women, who face rampant sexual harassment in Egypt, including from some taxi drivers. Cairo’s taxi drivers are also notorious for tampering with their meters or pretending they’re broken to charge higher rates.
In 2016, taxi drivers protested the ride-hailing apps, complaining that their drivers have an unfair advantage because they don’tt have to pay the same taxes or fees, or follow the same licensing procedures.