JEDDAH: ARAB NEWS
Published — Monday 4 February 2013
Last update 4 February 2013 12:26 am
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.