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Dec. 18 (Bloomberg) -- Prince Alwaleed bin Talal, the largest individual investor in Citigroup Inc., was ranked the richest Arab businessman for the eighth year by Arabian Business magazine after adding $900 million to his wealth.
Alwaleed’s assets were valued at $21.3 billion, the Dubai- based magazine said today in its 2011 Arab Rich List, adding that the figure was confirmed by the Saudi prince’s office in Riyadh. It compares with Alwaleed’s wealth of $20.4 billion reported last year by Arabian Business.
Kingdom Holding Co. of Alwaleed, whose assets include shares in General Motors Co. and News Corp., is building the tallest tower in the world in Jeddah at a cost of 4.6 billion riyals ($1.23 billion). Shares of Kingdom Holding lost 2.4 percent this year compared with a 5.5 percent declined in the Tadawul All-Share Index, the largest bourse in the Middle East by market value.
Saudi businesses represented seven of the 10 richest Arabs this year on the Arabian Business list, with MBI International founder Sheikh Mohamed Bin Issa Al-Jaber ranked as the second richest Arab with $12.75 billion.
The Al Kharafi and Bukhamseen families of Kuwait were ranked sixth and seventh with assets of $8.7 billion and $7.25 billion, respectively, while Palestinian businessman Said Khoury placed tenth with $6.5 billion, according to Arabian Business.
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