Filed under: Wealth
But a recent AFP story has the prince preparing for a spending spree. He has transferred 180 million of his own shares in Citigroup into Kingdom Holdings giving the struggling company a lovely boost of approximately $597 million in value. He says this was done because the group is getting ready to invest in new hotels in the Gulf region including the Kingdom Tower, a skyscraper in Jeddah on the Red Sea that would be taller than the newly opened Burj Khalifia. It's also a vote of confidence for Citi that the shares will generate profit for Kingdom allowing it to continue to spend. The action sends a strong message to the world that when it comes to real estate development, the Gulf is still reaching for the stars.