Prince Alwaleed Tops 2009 Arab Rich List

posted on: Jan 4, 2010

Prince Alwaleed bin Talal Al Saud, the Saudi banking and finance mogul, retained the top spot on the 2009 Arabian Business Rich List for the world’s 50 richest Arabs, while last year’s number three, Maan Al Sanea, dropped off the list amid his debt woes.

The Arab Rich List, which was published Sunday, surveys Arabs who made their money through business dealings and deliberately excludes royalty unless their wealth was accumulated.

Prince Alwaleed recovered some of the losses he incurred in 2008, with his net worth estimated at about $18 billion, up from $17.08 billion a year earlier, and nearly double the $9.7 billion net worth of the second-richest Arab, Saudi’s Sheikh Mohammed bin Issa Al Jabber, who deals in travel and hospitality.

Maan Al Sanea, owner of financially troubled Saudi family business Saad Group, no longer features on the rich list, having ranked third in 2008. Saad Group defaulted on some of its debt obligations earlier this year.

Kuwaiti retailer Nasser Al Kharafi now ranks as the third-richest Arab, down from second spot last year, with an estimated net worth of $9.4 billion, followed by Saudi energy tycoon Mohammad Al Amoudi at $8.8 billion on fourth position, the list shows.

New on the list in fifth place is Saudi Arabia’s Nasser Al Rashid, who is primarily involved in construction and industries, with an estimated net worth of $8 billion.

The United Arab Emirates’ Al Ghurair family, whose dealings are in banking and finance, remains in sixth place with an estimated net worth of $7.1 billion.

Ranked seventh is Saudi’s Bin Laden family, active mainly in construction and industries at $7.1 billion. As in 2008 Saudi Arabia’s Olayan family, who deals in banking and finance, ranks on eighth place at $6.9 billion.

Unchanged at number nine is Bahrain’s Kanoo family with an estimated net worth of $6.1 billion through construction and industry businesses, and at number 10 is Palestinian construction and industry tycoon Said Khoury with an estimated $6 billion in wealth.

Oliver Klaus
Wall Street Journal