saudi arabia

Hotel de Crillion Bought by Prince Alwaleed bin Talal?

Filed under: Luxury Travel & Hotels, Wealth

As my colleague Deirdre Woollard reported the other day, Paris' famed Hotel de Crillion (above), one of the world's most luxurious hotels with a clientele of celebs and royalty, is being sold to unnamed Saudi investors with ties to the country's royal family for about $354 million. Now an insider tells us that Saudi Prince Al-Waleed bin Talal, one of the world's richest men with a fortune of $19.4 billion, has a big stake in the deal. The Prince already has significant luxury hotel holdings including an interest in the Four Seasons and Fairmont groups. Back in January 2009 Deirdre reported that the Prince was preparing to embark on a major spending spree via his company Kingdom Holdings to acquire more hotel assets. Earlier this year he also sold off the Raffles Hotel in Singapore for $275 million.

The Crillon acquisition is part of the Prince's new plan for diversification, we're told. Constructed in 1758 as a government building commissioned by Louis XV, the palatial edifice near the Champs Elysées on Place de la Concorde was converted into a hotel 100 years ago. Its Leonard Bernstein suite, on the top floor with a wrap-around terrace, features one of the late maestro's pianos. Other luminaries past and present who have patronized the Crillon include Marie Antoinette, King George V, the Shah of Iran, Winston Churchill, FDR, Elizabeth Taylor, Jackie O, Mariah Carey, Madonna and Arnold Schwarzenegger. Starwood Capital, the property's sellers, took over the Crillon in 2005 as part of its €2 billion acquisition of Taittinger's hotel and champagne empire.

Tags: billionaire, hotel, Hotel de Crillion, luxury hotels, Paris, Prince Al Waleed bin Talal, Prince Al-Waleed bin Talal, royalty, Saudi Arabia, UAE, wealth

New Fairmont Hotel Features World's Tallest Clock Tower

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Fairmont Hotel & Resorts has announced the opening of the Fairmont Makkah Clock Royal Tower, A Fairmont Hotel in Mecca, Saudi Arabia. The new hotel is located near Masjid Al Haraam and the Holy Ka'aba Islam's most sacred site and is designed to provide high-end luxury for the millions of pilgrims that head to the city every year.

The hotel is part of the Abraj Al Bait Complex, a King Abdul Aziz endowment project to upgrade the precincts of the Two Holy Mosques. Makkah Clock Royal Tower is the tallest concrete building in the world, with 76 stories reaching over 1,800 feet and housing 858 rooms and suites. The 130-foot clock is more than five times larger than Big Ben in London and announces daily prayers to the Muslim world through amplifiers. The Tower also houses a lunar observatory center and a museum for Islamic icons and objects of arts. The property's 76 elevators will provide comfortable transfers during Azan (calls to prayer) and high-occupancy Umrah and Hajj seasons and the hotel also features easy access to the Haram, as well as two large prayer rooms for male and female guests. Guests at Makkah Clock Royal Tower will enjoy a variety of international cuisines including the innovative "Al-Dira", which offers local flavors from the various districts of the Kingdom and will introduce guests to the culture of oriental Saudi cuisine.

Tags: fairmont hotel, makkah, makkah clock tower, saudi arabia

21-Year-Old Saudi Student's Stunning $10 Million Supercar Collection

by Jared Paul Stern (RSS feed) —

Filed under: Luxury Cars & Autos, Wealth

Saudi engineering student Dhiaa Al-Essa was one of the unfortunate fellows whose brand new Ferrari 458 Italia (above) went up in flames recently. No worries though – the 21-year-old has 30 other supercars in his $5 million collection, including three more Ferraris, five Porsches, three Lamborghinis, two Rolls-Royces and a Mercedes SLR McLaren. His mega-rich financier father, who purchased the cars for him, has promised him two even more expensive models next year for his 22nd birthday: an ultra-rare Koenigsegg Agera and a Bugatti Veyron, doubling the value of his collection to $10 million. Meanwhile he's replacing the torched 458 Italia with a brand new Ferrari 599 roadster. [continued]

Tags: Bugatti Veyron, car collection, Dhiaa Al-Essa, Ferrari, Ferrari 458 Italia, Koenigsegg Agera, Lamborghini, Porsche, Rolls-Royce, Saudi Arabia, Saudia Arabia

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Feadship Launches Largest Yacht Ever - For Paul Allen?

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Dutch shipyard Feadship builds some of the world's most coveted superyachts; in addition to Russian oligarch Roman Abramovich's Ecstesea, the likes of Malcolm Forbes, Paul Allen and King Khalid of Saudi Arabia all commissioned luxurious vessels from them. Now the shipyard has launched its newest, largest and most expensive superyacht ever, the 288-ft. Musashi (above) built for an unnamed billionaire, leading to speculation that one of the boldfaced names on its client roster decided it was time for an upgrade. Our money is on Paul Allen, who recently listed his 303-ft. superyacht Tatoosh for sale at $160 million meaning he's probably in the market for a replacement (he still has the Octopus).

The Musashi's massive steel hull was constructed by Feadship's dedicated hull-building facility in Papendrecht, Netherlands, and was delivered to Makkum for outfitting. Her quadruple MTU 16V 4000 M90 marine diesel engines kick out a combined 14,600 hp, though the shipyard has not released any performance specs. The Musashi's naval architecture and exterior design were created by Feadship's own De Voogt Naval Architects, while the luxe interiors including an enormous master suite were done by the Netherlands' Sinot Yacht Design.

Tags: billionaire, Dutch, Feadship, Malcolm Forbes, Netherlands, Paul Allen, Roman Abramovich, Saudi Arabia, superyacht, yacht

Dubai Ruler's Fortune Plummets $7.5 Billion, Named Forbes' Biggest Royal Loser

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Shed a tear for Dubai's ruler, Sheikh Mohammed bin Rashid Al-Maktoum, who has been named Forbes' biggest royal loser after his fortune plummeted by $7.5 billion this year – a drop of over 60% in net worth and even worse than the $6 billion he lost last year in the wake of the emirate's financial implosion. Al-Maktoum now has only $4.5 billion in the bank, down from $18 billion two years ago – a loss of $13.5 billion in total. Others on the magazine's list of the world's richest royals fared better – top of the heap is King Bhumibol Adulyadej of Thailand whose $30 billion fortune remains unchanged, followed by the Sultan of Brunei at $20 billion (also unchanged), and King Abdullah bin Abul Aziz of Saudi Arabia whose net worth rose to $18 billion thanks to shrewd financial planning. In case you're wondering about the Queen of England, she's way down on the list with a paltry $450 million. Collectively the group's fortune is down 9%, or $10 billion this year, to $99 billion – a whopping $32 billion below their 2008 total. Time to tax those subjects.

Tags: billionaire, Dubai, Forbes, Queen of England, royal family, royalty, Saudi Arabia, Sheikh Mohammed bin Rashid Al-Maktoum, Sultan of Brunei, Thailand, UAE, wealth

Saudi Art Set to Surge

by Tom Johansmeyer (RSS feed) —

Filed under: Art

The timing couldn't be better for Saudi artists. Just as the art market is recovering in the wake of a severe slump – the worst in almost 20 years – the world is starting to take notice of work that has long been limited only to a local market. Following an exhibition by a group of artists in London in October 2008 and another at last year's Venice Biennale, momentum is building. Shows are planned for Istanbul and Berlin. Auction prices are shooting higher. Excitement is abundant.

And the government is behind it.

King Abdullah's strategy for rebranding Saudi Arabia includes promoting the country's artists, even though there aren't many art galleries inside its borders. The combination of hype and low prices could translate to an amazing opportunity for art collectors. Get in now while the buzz is beginning, and you might be able to ride a sharp increase.

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Tags: art galleries, Art Gallery, art market, artist, Artists, artwork, King Abdullah, saudi arabia

Saudi Prince Strangles Servant in London Luxury Hotel

by Jared Paul Stern (RSS feed) —

Filed under: Wealth, Crimes and Misdemeanors

It's hard to get good help these days - especially if you keep killing them. A man claiming to be a member of the Saudi royal family has been arrested on suspicion of murder after one of his servants was found strangled at a palatial London luxury hotel, the London Daily Mail reports. Police were called to the five-star Landmark Hotel in Marylebone (above) after a maid found the body of a 32-year-old Saudi Arabian man in one of the poshest suites. The victim, believed to be part of the as-yet-unnamed royal's entourage, had been strangled and suffered severe head injuries in the attack. The 33-year-old prime suspect informed authorities that he is a prince of the Saudi royal family who had apparently been living the high life at the hotel for the past month. Rooms at the Landmark, built in 1899, cost up to £2,400 per night for the presidential suite. Rocker Liam Gallagher, Justin Timberlake and Formula One champ Lewis Hamilton are among its celebrity clientele. Michelle Obama also held a fundraising event for her husband there in 2007. Officials have said the prince does not have diplomatic immunity; the Saudi embassy has refused to comment.

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Tags: Landmark Hotel, LandmarkHotel, London, royalty, Saudi, Saudi Arabia, SaudiArabia, servants

Saudi Prince Launches Arabic Robb Report

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Could the future of magazines be in the Middle East? Saudi Arabia's Prince Faisal bin Salman, the Chairman of the Saudi Research and Marketing Group (SRMG), has created a new magazine through his Specialized Publishing company that is an Arabic translation of the magazine, "Robb Report." His company also has an Islamic finance magazine and translations of Italy's design magazine, Domus and is planning other translations including Better Homes and Gardens. He has also established a school for training journalists and other mediapeople. He also knows quite a bit about spending money, he races and breeds horses. The announcement of the magazine was made at the two-day meeting of the SRMG which looked at the challenges facing the media. Prince Faisal is enthusiastic about the future including the fate of print media.

Tags: price faisal bin salman, PriceFaisalBinSalman, Prince Faisal bin Fahad bin Abdullah Al Saud, PrinceFaisalBinFahadBinAbdullahAlSaud, robb report, RobbReport, saudi arabia, SaudiArabia

Carla Bruni's Castle Back on the Market for $28 Million, Estate of the Day

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

Back in February we reported that Carla Bruni-Sarkozy, the sexy supermodel, singer and first lady of France, had sold her family's castle in Italy (above) to an Arab sheikh. Now the buyer, who has since been revealed as billionaire Saudi businessman Prince Alwaleed bin Talal, has relisted the historic castle with an affiliate of Christie's Great Estates with a reported asking price of about $28 million; he was said to have originally paid anywhere from $12 million - $25 million depending on sources. The 40-room, 21,000-sq.-ft. Castello di Castagneto Po, near Turin, has been repeatedly destroyed and rebuilt over the years but is believed to first date from the year 1019. Bruni's father, the billionaire industrialist Alberto Bruni Tedeschi, bought the historic estate in 1952 for about $1.5 million. It is surrounded by 175 acres replete with vegetable gardens, orchards, flowering terraces, ancient greenhouses, a caretaker's house and a farm building.

Gallery: Carla Bruni's Castle

Tags: billionaire, Carla Bruni, Carla Bruni-Sarkozy, CarlaBruni, CarlaBruni-sarkozy, castle, Christies Great Estates, ChristiesGreatEstates, estate of the day, EstateOfTheDay, France, Italy, Nicolas Sarkozy, NicolasSarkozy, Prince Alwaleed bin Talal, PrinceAlwaleedBinTalal, Saudi Arabia, SaudiArabia

Saudi Princess Stiffs Parisian Boutiques for $24 Million

by Jared Paul Stern (RSS feed) —

Filed under: Wealth, Crimes and Misdemeanors

Princess Maha al-Sudairi, the wife of Saudi Arabia's Interior Minister, is holed up in a Paris luxury hotel claiming diplomatic immunity after refusing to pay a $24 million tab she ran up at the city's ritziest boutiques. Al-Sudairi, whose husband Prince Nayef bin Abdul Aziz is a member of Saudi Arabia's royal family and is second-in-line to the throne, racked up the impressive debt on a year-long spree at the French capital's high-end clothing, jewelry and lingerie boutiques, the London Telegraph reports. In all some 30 businesses have been stiffed including Dior, jewelry shops Chaumet and Victoria Casal, lingerie emporium O Caprices De Lili, and the famed Hotel de Crillon.

The Princess is currently holed up in a $4,000-per-night suite at the ultra-luxe Four Seasons George V hotel (above), which is partly owned by her nephew, Prince Al Waleed bin Talal. After some of those owed money initiated legal proceedings, the plaintiffs' lawyer Jacky Benazerah obtained a court order for bailiffs to go to the George V and seize the Princess' belongings. However, the Princess has invoked diplomatic immunity and will likely refuse them entry, in which case the French interior ministry and senior police officials would have to be consulted to authorize a police escort, the BBC reports.

Jamila Boushaba, owner of Paris' O Caprices De Lili lingerie shop, located directly across from the George V, was left holding a $100,000 bill for lacy underthings. "She was a very good customer for eight years, but then simply stopped paying," Boushaba tells the Telegraph. "I made a delivery of lingerie to the George V, but payment never arrived. Every time we called, we were told the bill would be settled the next day. It never was. When we contacted the Saudi ambassador in Paris he said there was nothing he could do for us." An aide to the Saudi royal family was similarly unhelpful, sniffing, "I'm afraid we can't go around settling bills for the Princess's knickers."

Jacky Giami, proprietor of luxury clothing boutique Key Largo, said the Princess stripped his shelves of some $215,000 worth of casual wear. "We know the family well – they're in Paris a lot," Giami tells the Telegraph. "She's not the kind of customer where you ask for a deposit, or to ask to see a piece of identity." Every time the Princess and her entourage visited Giami's and others' shops a representative would offer staff an embossed card stating "Payment to Follow". And of course having all those exquisite clothes cleaned cost quite a bit as well; the Princess is also said to have run up a drycleaning bill of $50,000 - per week.

Tags: Chaumet, Dior, diplomat, Four Seasons George V, FourSeasonsGeorgeV, hotel, Hotel de Crillon, HotelDeCrillon, lingerie, Paris, prince alwaleed bin talal, Prince Nayef bin Abdul Aziz, PrinceAlwaleedBinTalal, PrinceNayefBinAbdulAziz, princess, royalty, Saudi Arabia, SaudiArabia

London Mansion Hits the Market for $150 Million

by Jared Paul Stern (RSS feed) —

Filed under: Estates

A mansion in London's posh Belgrave Square has hit the market for £100 million, or about $150 million, tying it with Candy Spelling's The Manor in Beverly Hills for the title of the world's most expensive estate (in terms of current listings). The six-floor, 21,000-sq.-ft. white-stucco-fronted building has 12 bedrooms, 20-ft. ceilings, a basement swimming pool, gym, media room, and every imaginable luxury fitting. The property has been gutted and revamped by Lebanese developer Musa Salem, the London Times reports.

Across the Square another house has recently come on the market for £80 million, or about $120 million. The eight-bedroom, 20,000-sq.-ft. house is being sold by Saudi Arabia's Juffali family, following the death of its owner. Belgrave Square is also home to Russian oligarch Oleg Deripaska and Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai, as well as several embassies. The Square was built for the 2nd Earl Grosvenor, later the 1st Marquess of Westminster, in the 1820s and is one of the grandest in London.

Tags: Belgrave Square, BelgraveSquare, Candy Spelling, CandySpelling, Dubai, London, mansion, Oleg Deripaska, OlegDeripaska, Saudi Arabia, SaudiArabia

Bin Laden Family Loses $1.3 Billion

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

The super-rich Saudi Arabian family of the world's most famous terrorist is feeling the pinch of the staggering economy, and has seen their fortune shrink by $1.3 billion over the past year, according to a new study.

Osama bin Laden's siblings own a major construction concern, headed by his brother Sheikh Tarek bin Laden (right); due to the credit crunch, they've seen their net worth fall from $8.5 billion to $7.2 billion, according to a new list of the world's richest Arabs by Dubai-based Arabian Business magazine.

Sheikh Tarek's latest project involves plans to build the world's longest suspension bridge, linking Africa with Arabia across the Bab al-Mandib (Gate of Tears), the strait connecting the Red Sea with the Gulf of Aden, at a cost of $200 billion; he plans to construct two new cities, one at each end, as well.

Elsewhere on the Arabian Rich List, which does not included royalty with the exception of those whose wealth has been achieved through business dealings rather than inheritance, Saudi Arabia's Prince Alwaleed bin Talal is ranked in the top spot with a $17 billion fortune, despite having lost $4 billion in the past year as well.

Tags: Billionaires, Osama bin Laden, OsamaBinLaden, Prince Alwaleed bin Talal, PrinceAlwaleedBinTalal, Saudi Arabia, SaudiArabia, Sheikh Tarek bin Laden, SheikhTarekBinLaden

Abramovich's New $350 Million Megayacht Will Have Missile Defense System

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing

Russian billionaire Roman Abramovich's new $355 million, 555-ft. Eclipse, designed to be the world's biggest, will have a military-grade missile defense system to keep the oligarch safe. My colleague Deidre Woollard first reported on initial plans for the Eclipse back in January. Now further details are emerging about the megayacht (rendering above), which when completed next summer will be 25 ft. longer than Dubai ruler Sheikh Mohammed bin Rashid's 530-ft. Platinum, currently ranked as the biggest yacht in the world. Secrecy surrounds the Eclipse, but sources tell the London Times that an antiballistic missile defense system is being installed by AST, a company with close ties to both the Blohm + Voss shipyard in Hamburg, where the yacht is being built, and the German defense ministry.

The Eclipse is also being equipped with armor plating surrounding the bridge and Abramovich's master suite, as well as bullet-proof windows. There's also a submarine that can be launched underwater and dive to a depth of 160 ft. that doubles as an escape pod, as well as two helicopter pads. Civilian ships are not allowed to carry weapons and so have to limit themselves to defense systems, but Saudi King Abdullah bin Abdul Aziz gets around this by having his 482-ft. yacht registered as a Royal Saudi Navy vessel, said to be equipped with French-made Exocet missiles. Pirate attacks on luxury craft are on the rise of late. Abramovich owns three other megayachts already: the 377 ft. Pelorus, the 282 ft. Ecstasea and the 160 ft. Sussurro.

Gallery: Abramovich's Megayachts

Tags: Dubai, Eclipse, Ecstasea, megayacht, Pelorus, Pirates, roman abramovich, RomanAbramovich, russian billionaires, RussianBillionaires, Saudi Arabia, SaudiArabia, sheikh mohammed bin rashid, SheikhMohammedBinRashid, Sussurro, Yacht

Queen of England Far Behind UAE on Richest Royals List

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

More bad news for the Queen of England - she has fallen to 12th place on Forbes' list of the world's richest royals. Earlier this month we reported that the value of her London residence, Buckingham Palace, had fallen by a whopping $100 million thanks to declining property values.

Now Elizabeth II is suffering the added indignity of languishing on the rich list, as her measly $650 million fortune puts her well behind the UAE's oil-rich rulers. In the No. 1 spot for the first time is King Bhumibol Adulyadej of Thailand, with a net worth of $35 billion, who apparently shot up the list as a result of admitting he was richer than previously thought.

At No. 2 is Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE and hereditary ruler of Abu Dhabi, with a net worth of $23 billion. No. 3 is King Abdullah bin Abdul Aziz of Saudi Arabia, worth $21 billion. And Sheikh Mohammed bin Rashid, ruler of Dubai, clocks in at No. 5 with $18 billion. See the complete list here.

Tags: abu dhabi, AbuDhabi, buckingham palace, BuckinghamPalace, Dubai, King Abdullah bin Abdul Aziz, King Bhumibol Adulyadej, KingAbdullahBinAbdulAziz, KingBhumibolAdulyadej, Queen Elizabeth II, Queen of England, QueenElizabethIi, QueenOfEngland, Royalty, Saudi Arabia, SaudiArabia, Sheikh Khalifa bin Zayed Al Nahyan, Sheikh Mohammed bin Rashid, SheikhKhalifaBinZayedAlNahyan, SheikhMohammedBinRashid, Thailand, UAE, united arab emirates, UnitedArabEmirates

Saudi Arabian Gold Rush

by Tracy Chait (RSS feed) —

Filed under: Jewelry, Luxury Travel & Hotels

As it turns out, Saudi Arabia may have not one of the world's most lucrative resources (duh, oil) but two. Recent prospectors have set their sights on Saudi Arabian sands to dig for gold in addition to other precious metals. The first commercial prospector allowed to set up mines in Saudi Arabia is Ma'aden, which has already invested $5.5 billion in equipment and development costs. When it comes to digging for financial rewards, who knew sand could be so fertile?

[via Fortune]

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Tags: gold, gold mine, GoldMine, maaden, oil, saudi arabia, SaudiArabia

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