Kingdom Holding and Google discuss tech links

Updated 04 February 2013
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Kingdom Holding and Google discuss tech links

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met with Eric Schmidt, executive chairman of Google, at The Savoy hotel, London.
Also, Prince Alwaleed and Google’s Schmidt held a lunch meeting in the presence of Prince Khalid bin Alwaleed and Shadi Sanbar, KHC’s executive director and CFO and member of the investment committee.
During their meeting, Prince Alwaleed and Schmidt discussed business and economic issues.
They also discussed Prince Alwaleed’s investments in the US in light of being the largest individual foreign investor there.
Future potential business cooperation between KHC and Google in the technology field was among issues discussed in the meeting.
Prince Alwaleed 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 percent interest, and in the social media and technology sector via Twitter.
Prince Alwaleed first invested in Citigroup in 1991, and is the largest single shareholder in the company.
In January 2008, Prince Alwaleed participated in a $ 12.5 billion private offering of convertible preferred securities of Citigroup.
The new 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).
Prince Alwaleed has 7 percent (voting shares) through KHC in News Corp. and KHC that is 95 percent owned by Prince Alwaleed, is the second largest shareholder in News Corp. after the Murdoch family.
The New York Plaza that is owned 50 percent 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 substantial interest.


Oil theft ‘costing Libya over $750 mn annually’

Updated 4 min 30 sec ago
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Oil theft ‘costing Libya over $750 mn annually’

  • Libya’s oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Muammar Qaddafi.
  • The recovery of oil production and exports is key to restoring Libya’s economy.

Tripoli: Fuel smuggling is costing Libya more than $750 million each year and harming its economy and society, the head of the National Oil Company in the conflict-riddled country said.
“The impact of fuel smuggling is destroying the fabric of the country,” NOC president Mustafa Sanalla said according to the text of a speech delivered on Wednesday at a conference on oil and fuel theft in Geneva.
“The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also the fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens,” he said.
“The huge sums of money available from smuggling have corrupted large parts of Libyan society,” he added.
The backbone of the North African country’s economy, Libya’s oil sector collapsed in the wake of the 2011 NATO-backed uprising that toppled longtime dictator Muammar Qaddafi.
Before the revolt Libya, with estimated oil reserves of 48 billion barrels, used to produce 1.6 million barrels per day (bpd).
But output fell to less than 500,000 bpd between 2014 and 2016 due to violence around production facilities and export terminals as rival militias fought for control of Africa’s largest crude reserves.
No oil was exported from Libya’s main ports until September 2016 with the reopening of the Ras Lanuf terminal in the country’s so-called oil crescent.
The recovery of oil production and exports is key to restoring Libya’s moribund economy.
Sanalla urged Libya’s “friends, neighbors but above all the Libyan people themselves... to do everything they can... to eradicate the scourge of fuel theft and fuel smuggling.”