The 10 richest people in the Middle East, ranked

Time: 01 August 2020

Mustafa Yalcin/Anadolu Agency/Getty Images

The Middle East, a region that encompasses many countries, including Turkey, Iraq, Iran, Israel, Egypt, Saudi Arabia, and Qatar, is known for its oil-derived wealth.
Business Insider rounded up the richest people in the Middle East based on Forbes’ world billionaires ranking and the Bloomberg Billionaires Index.
The wealth of many Middle Eastern individuals — particularly heads of state — is unknown, partially because nationals of many countries hide their wealth in tax havens, per Elena Ianchovichina, a World Bank economist.
The richest person in the Middle East — that we know of — is Alwaleed bin Talal Al Saud, a Saudi Arabian prince who’s worth an estimated $14.3 billion.
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The Middle East is a region known for its oil-derived wealth.

Some of the region’s richest people are familiar figures: Saudi Arabian Crown Prince Mohammed bin Salman, who’s known for his lavish spending, and his involvement in human rights controversies, may come to mind.

Over the years, the 34-year-old has dropped $500 million on a yacht$300 million on a French chateau, and $450 million on a Leonardo da Vinci painting. He controls part of the royal family’s fortune that’s estimated at up to $1.4 trillion and includes Saudi Aramco, the most valuable company in the world.

Despite his apparently vast wealth, the prince is nowhere to be found on Forbes’ billionaires ranking — because nobody knows just how rich he is. In 2018, Forbes removed all of the Saudi billionaires that had previously made its 2017 list due to a lack of clarity about the extent of their wealth. There are no Saudis on Forbes’ 2020 billionaires list, but Bloomberg includes three Saudis on its Billionaires Index.

World Bank economist Elena Ianchovichina, who was formerly the lead economist for the Middle East and North Africa region, said in 2015 that such rankings don’t tell the whole story of wealth in the Middle East.

“In many cases, it appears the amount of wealth accumulated by heads of state in the region is not trivial …” Ianchovichina said. “When we include the wealth of heads of state we find that wealth concentration increases in a number of countries, although in some of the wealthiest countries like Qatar and even Kuwait, this particular adjustment doesn’t make much difference.”

She added that nationals of many countries hide their wealth in tax havens and pointed to a 2017 study which found that autocracies rich in resources like oil — like many Middle Eastern countries — have a much larger share of hidden wealth than other countries.

With these limitations in mind, Business Insider rounded up the wealthiest people in the Middle East based on both Forbes’ rankings and Bloomberg’s Billionaires Index.

We used Cambridge Dictionary’s definition for the region, which encompasses 16 countries: Syria, Jordan, Israel, Lebanon, Saudi Arabia, Iran, Iraq, Turkey, Yemen, Jordan, Oman, UAE, Kuwait, Qatar, Bahrain, and Egypt.

Here are the wealthiest people in the Middle East — that we know of.

10. Murat Ulker

Ulker runs Yildiz Holding, which produces a range of food products and non-alcoholic beverages.
Yildiz Holding/Anadolu Agency/Getty Images

Country: Turkey

Net worth: $5 billion

Age: 61

Source of wealth: food

9. M.A. Yusuff Ali

Yusuff Ali runs LuLu Group International, which operates supermarkets, shopping malls, and hotels in the Middle East, Asia, Africa and the UK. He also franchises the Famous Daves BBQ chain in the Middle East.
Schellhorn/ullstein bild via Getty Images

Country: United Arab Emirates

Net worth: $5.27

Age: 64

Source of wealth: food and beverage, hotels

8. Nassef Sawiris

Nassef Sawiris, CEO, Orascom Construction Industries S.A.E. at the annual Allen & Co.’s media summit in Sun Valley, Idaho, July 8, 2009.
AP Photo/Nati Harnik

Country: Egypt

Net worth: $5.58 billion

Age: 59

Source of wealth: industrial

7. Majid Al Futtaim

Al Futtaim’s Dubai-based real estate and retail company owns shopping malls and hotels in the Middle East, Pakistan, Georgia, and Armenia.
REUTERS/Jumana ElHeloueh

Country: United Arab Emirates

Net worth: $5.97 billion

Age: unknown

Source of wealth: real estate

6. Stef Wertheimer and family

REUTERS/Nir Elias

Country: Israel

Net worth: $6.2 billion

Age: 94

Source of wealth: metalworking tools

5. Mohamed Al Jaber

Al Jaber is the founder of a London-based hotel, food, and real-estate company that owns more than 50 properties in the UK, France, Egypt, Austria, and Portugal.
Michael Brochstein/SOPA Images/LightRocket via Getty Images

Country: Saudi Arabia

Net worth: $7.19 billion

Age: unknown

Source of wealth: retail

4. John Fredriksen

Fredriksen, left, holds stakes in publicly traded shipping companies that operate a fleet of ships and oil tankers.
Nick Harvey/WireImage

Country: Cyprus

Net worth: $7.65 billion

Age: 75

Source of wealth: shipping

3. Mohammed Al-Amoudi

Al-Amoudi controls Preem, Sweden’s largest oil refiner.
Karol Serewis/SOPA Images/LightRocket via Getty Images
Country
: Saudi Arabia

Net worth: $8.95 billion

Age: 74

Source of wealth: energy

2. Eyal Ofer

Ofer controls a shipping and real estate empire through his Monaco-based Ofer Global.
Wikimedia Commons

Country: Israel

Net worth: $9.92 billion

Age: 70

Source of wealth: real estate, shipping

1. Alwaleed bin Talal Al Saud

The Saudi prince is the founder of Kingdom Holding, which has stakes in real estate, hotels, and equities.
Mustafa Yalcin/Anadolu Agency/Getty Images

Country: Saudi Arabia

Net worth: $14.3 billion

Age: 65

Source of wealth: diversified

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INTERVIEW: Abeer Al-Fouti sees Alwaleed delivering global response to COVID-19 pandemic

11/07/20

Abeer Al-Fouti runs the global side of Alwaleed Philanthropies and is convinced that only a global approach will work in the face of COVID-19, the biggest health challenge for nearly a century. (Illustration: Luis Grañena)

Abeer Al-Fouti explains how the philanthropic world has come together in the COVID-19 era
DUBAI: Charity begins at home, they say, but in the era of the world pandemic such a domestic-focused approach is neither desirable nor effective.

That is why several global philanthropic organisations, and big name donors, have come to the fore in the course of the COVID-19 crisis to offer financial, practical and logistics support to those people in the world whose governments do not have the means to extend assistance to their entire population.

Perhaps the best known is Bill Gates, the American entrepreneur who has pledged to give away his entire multi-billion dollar fortune to beat the virus. Other eminent entrepreneurs have also given billions in the attempt to find an elusive vaccine or effective treatment.

But Saudi Arabia has its own famous philanthropist in the shape of Prince Alwaleed bin Talal, the Kingdom Holding magnate, who has for many years been dispensing charity via his organization Alwaleed Philanthropies.

Abeer Al-Fouti runs the global side of that enterprise and is convinced that only a global approach will work in the face of the biggest health challenge for nearly a century.

“The simple message is that actually COVID-19, despite all the challenges, whether economic, or emotional or health or luck, has one important lesson that we have all learned, or should learn: That we are one world, we are one.

“If you think selfishly, it is going to come back and haunt you anyway. So this is the time when we all need to come together and think we are one. Otherwise, we are all going to go down together,” she told Arab News.

As one of the ambitious young women coming to prominence as part of the Vision 2030 strategy of female empowerment, she obviously takes great pride in her work.

“This year we’re celebrating 40 years of our existence. If I can summarize it in numbers, we’ve been working for four decades in six continents, serving 200 countries with 355 global partners. We’ve finished 1,000 projects and spent over $4 billion, and we reached one billion beneficiaries across the world. That’s our latest update. And it’s all run by 10 Saudi females from Riyadh,” she said.

Alwaleed Philanthropies plays a major role in charitable giving within the Kingdom, supporting organizations and individuals across the spectrum of community development, health, education and empowerment. But Al-Fouti’s responsibilities are more global.

“I believe philanthropy pays a major role in filling the gap, with a regional platform bringing the government and private sector together, and focusing on those who maybe the system does not serve or does not cover. This is why His Royal Highness called us together, to do our research and then to explain who we think we should support,” she said.

“We decided to focus on those that were most vulnerable in the Arab world, in the Middle East and Africa,” she said.

Fighting the pandemic has been the main focus for the organization since the virus broke on the world earlier this year. In April, Alwaleed Philanthropies gave an extra $20 million to provide medical and economic help to poorer countries during the pandemic, bringing its total COVID-19 support to $30 million, on top of its usual budget.

“In these times of unprecedented crisis it is more important now than ever that we pull our resources together in the battle against COVID-19. With many developed nations struggling to cope with the COVID-19 pandemic, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East,” Prince Alwaleed said then.

“I’m sure you know it’s in the DNA of our culture and our religion — giving and charity. Everyone is required to give as part of the culture,’ Al-Fouti added. Alwaleed’s work runs alongside an equally generous program of charitable initiatives funded by the government of Saudi Arabia for projects both within the Kingdom itself and the rest of the world.

Maintaining the international partnerships that have been cultivated over the decades is a vital part of her work. The Gates Foundation, Gavi, the vaccination organisation, the World Health Organization and the United Nations are important allies in the global sphere.

“We have criteria for selection, and mainly we want to work with partners that are credible and share common values, and those which have long-term impact, in addition to other criteria. We have a detailed list of criteria and we tick those which have compatibility, reliability and credibility. We have to ensure that the money we give will reach those in need,” she said.

Another important ally is the Islamic Educational, Scientific and Cultural Organization, ISESCO, which has partnered with Alwaleed on many regional projects.

“We support initiatives in 200 countries, regardless of gender, race or religion — as long as they have shared values,” she explained.

——-

BIO

Born: Alkhobar, Saudi Arabia

Education: Bachelor’s and master’s degrees in health and hospital administration, King Saud University

Career: Various roles in government and private sector in human development, management and public relations

– CEO Al-Khair

– Partner, RVCC property development

– Co-founder, Smile Productions

– Executive manager, Global initiatives, Alwaleed Philanthropies

——-

Those initiatives fall into four main categories. Community development involves work on essential infrastructure — housing projects, employment initiatives and educational opportunities to help achieve the UN’s sustainable development goals.

Second comes empowerment initiatives for women and young people. In partnership with international institutions such as the UN, Alwaleed works to enhance opportunities for underprivileged women across the Middle East and Africa and to advance the interests of the big youthful demographic in the region. “We want people to become self-sufficient and empowered, Al-Fouti said.

For example, Alwaleed was a leading partner in the Turquoise Mountain project in Afghanistan, which sought to revive traditional craft industries in the war-ravaged country, providing employment for thousands of women and young people and helping to restore traditional buildings for use as medical and educational facilities.

Next comes disaster relief, again often in conjunction with UN organizations. Alwaleed played an active role in helping Albania to recover from the recent earthquake there, for example.

Finally, there is what Al-Fouti regards as her “favourite” work — the initiatives to “bridge cultures” through educational and cultural activities in several countries. Alwaleed is involved in projects in the Louvre in Paris and with Berlin Museum to explain Islamic culture to Europeans.

“We believe the best way for people to understand each other is through art and culture. We’re planning to work this year with all our educational centres, and with the Louvre and Berlin, to see how we can revisit this strategy and see how we can have more impactful projects in terms of bringing people together,” she said.

——

READ MORE: Alwaleed Philanthropies, ICESCO MoU to help 10 African countries

Prince Alwaleed pledges $30m to fight pandemic

How Louvre-Saudi Islamic cultural ties are promoting peace and tolerance

——

But the reaction to the pandemic has understandably taken up a lot of the organization’s time this year.

“We decide to get in and minimize or control the spread of the virus by strengthening local capabilities, for example through or work with ISESCO. In Africa they asked us to provide them with masks and with alcohol cleaning products. We decided that we were also going to go in and create or scale up factories, get jobs going and make the initiative available and sustainable, and this is what we are doing,” Al-Fouti said.

Through the collaboration with Gavi, Alwaleed has been able to bring medical relief to remote areas in the region. One of the repercussions of the pandemic has been that other essential medical projects, such as polio vaccination or routine immunization for children, have been scaled back drastically, partly because of travel restrictions but also because of the pressure on funds.

“In some places when people were being asked to stay at home, some didn’t have a home to go to. They were asked to wash their hands and they didn’t have water. That’s why we invested in areas where we thought there is a gap,” Al-Fouti explained.

So, those 10 women in Riyadh have the support and back-up of hundreds of partners around the world, with a global perspective in the midst of the COVID-19 crisis.

“We have partners and embedded collaborative relationships that we consider to be an extension of our team. So we are not alone. There is a saying ‘work smart, not hard.’ But we work hard as well. In fact, we really do work hard,” she said.

This article was first published in Arab News

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Amal Omar Al-Katheiri, executive manager of local initiatives at Alwaleed Philanthropies

Time: 07 July, 2020

Amal Omar Al-Katheiri
  • Al-Katheiri has successfully led several initiatives at AP, such as the Captinah initiative to pledge 100 cars to Careem female captains to empower women

Amal Omar Al-Katheiri has been the executive manager of local initiatives at Alwaleed Philanthropies since 2014.
Alwaleed Philanthropies is a charitable organization with a global reach. It initiates projects around the world, regardless of gender, race or religion in collaboration with a range of philanthropic, governmental, and educational organizations.
Al-Katheiri holds a wide range of responsibilities for all local projects and initiatives at Alwaleed Philanthropies (AP). She is also the main point of contact for AP’s local affiliates and third parties.
Her responsibilities also include creating policies that meet with AP’s objectives, monitoring and improving operational processes and helping in developing key performance indicators for the organization.
One of the key projects that Al-Katheiri currently leads includes the organization’s programs to provide housing units and cars to Saudi citizens.
She has successfully led several initiatives at AP, such as the Captinah initiative to pledge 100 cars to Careem female captains to empower women.
Al-Katheiri obtained a bachelor’s degree in hospital administration at the King Saud University, Riyadh.
She has an extensive experience in overall organizational development, governmental programs, and management in health care and philanthropic sectors.
Before joining Alwaleed Philanthropies, she worked as an organization planner at King Abdul Aziz Medical City; case manager for patient affairs at Sultan Bin Abdul Aziz Humanitarian City; and served as operations auditor for the Ministry of Social Affairs.

This article was first published in Arab News

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Prince Alwaleed pledges $30m to fight pandemic

Time: 29 April, 2020

Prince Alwaleed bin Talal at the Elysee palace in Paris. (Reuters)
  • Prince Alwaleed bin Talal: With many developed nations struggling to cope with COVID-19, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East
  • The $30 million comes after the prince pledged the use of his hotels, schools and other businesses in Saudi Arabia to support the government’s measures against the pandemic

DUBAI: Alwaleed Philanthropies, the charitable organization founded by Saudi Prince Alwaleed bin Talal, has given an extra $20.6 million to fight the coronavirus pandemic in the Middle East, Africa and Asia.

The donation, in partnership with some of the world’s leading philanthropies, comes on top of the organization’s existing funding of $9.4 million, which has been reallocated to fight the pandemic. This brings the prince’s total commitment to medical and economic help to $30 million.

“In these times of unprecedented crisis it is more important now than ever that we pull our resources together in the battle against COVID-19,” he said.

“With many developed nations struggling to cope with the COVID-19 pandemic, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East.”

The $30 million comes after he pledged the use of his hotels, schools and other businesses in Saudi Arabia to support the government’s measures against the pandemic, and support for Lebanese students studying in virus-ravaged Europe to return home.

The funds will be spent on a variety of initiatives, including those led by the Bill & Melinda Gates Foundation, the GAVI vaccination projects, the World Health Organization (WHO) and the UN Educational, Scientific and Cultural Organization.

“The series of impact-driven initiatives will seek to tackle the health and economic implications of the pandemic, such as manufacturing rapid diagnostic tests for developing countries and reducing the long-term impact of the potential economic fallout of COVID-19,” Alwaleed Philanthropies said.

“Continuing to support the Middle East and North Africa, the fund includes a significant allocation towards initiatives including allocation to UN-Habitat to improve water, sanitation and hygiene in the most vulnerable communities, and to establish shelter and rehabilitate damaged housings in order to address overcrowding and enable social / physical distancing in disadvantaged neighborhoods.”

Alwaleed Philanthropies is also working with the Islamic World Educational, Scientific and Cultural Organization (ICESCO) to mitigate the economic fallout of the crisis in Africa while promoting hygiene in developing countries.

The amount allocated to ICESCO will strengthen local manufacturing capabilities to produce hygiene products and protective equipment, while empowering women and young entrepreneurs in the informal and local sector.

Many of the initiatives will support vital work to support communities and curb the spread of COVID-19.

Alwaleed Philanthropies will be working with Gates Philanthropy Partners to fund health projects to accelerate the development of therapeutics and delivery of diagnostics to protect vulnerable populations across Africa.

This includes an allocation to the Africa Centres for Disease Control and Prevention, which will allow for additional diagnostic laboratories and testing capabilities throughout the continent.

Additionally, Alwaleed Philanthropies is building upon its existing relationship with Splash to provide clean water and promote hand washing in rural and urban areas in South Asia and Africa.

Supporting scientific research to reduce future outbreaks, Alwaleed Philanthropies has built on its four-year relationship with GAVI, with a further amount allocated to provide accessibility and innovative solutions to reach remote areas, and an allocation to support the WHO in strengthening its existing procurement capacity to rapidly secure needed emergency products and build a global stockpile.

Separately, GAVI — backed by Saudi Arabia — on Monday made $40 million available to the UN Children’s Fund to secure personal protective equipment, diagnostic tests and other vital supplies on behalf of 58 low-income countries in response to the pandemic, bringing its total support so far in the crisis to $200 million.

This article was first published in Arab News

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Alwaleed Philanthropies allocates $30m to fight Covid-19

28/04/2020

Prince Alwaleed Bin Talal has made a number of his assets in Saudi Arabia available to combat Covid-19, and helped repatriate hundreds of students to Lebanon

Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud’s Alwaleed Philanthropies has allocated $30m to a number of initiatives working to battle the Covid-19 pandemic, it has announced.

The $30m in funds includes a significant allocation towards initiatives such as UN-Habitat to improve water, sanitation and hygiene in vulnerable communities and to establish shelters and fix damaged houses to address overcrowding and enable social distancing in disadvantaged neighbourhoods.

The allocation of funds comes to after Prince Alwaleed made available a number of his assets – including the Four Seasons Hotel, Kingdom Schools and Banque Saudi Fransi – to help Saudi Arabia combat Covid-19.

Additionally, Alwaleed Philanthropies (Lebanon) helped repatriate hundreds of Lebanese students back from France, Italy and Spain.

“In these times of unprecedented crisis it is more important than ever that we pull our resources together in the battle against Covid-19,” Prince Alwaleed said.

“With many developed nations struggling to cope with the Covid-19 pandemic, we must spare a thought for the developing countries of Africa and the less fortunate countries in the Middle East,” he added.

The statement added that Alwaleed Philanthropies will be working with Gates Philanthropy Partners to fund a number of health projects to accelerate the development of therapeutics and delivery of diagnostics to protect vulnerable populations in Africa.

This article was first published in Arabian Business

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Alwaleed Philanthropies recognized at leading Davos event

23/01/2020

Princess Lamia Bint Majed Saud Al Saud receiving an award from Dr. Seth Berkley, CEO of Gavi. — Courtesy photo

DAVOS-KLOSTERS, Switzerland — Alwaleed Philanthropies, chaired by Prince Alwaleed Bin Talal, the global philanthropic foundation, received recognition at the 50th World Economic Forum (WEF) held in Davos for its commitment to eradicating preventable diseases.

The award was presented following Gavi’s annual public-private partnership breakfast on the sidelines of the WEF and comes as Alwaleed Philanthropies marks its 40th anniversary.

The award was received by Princess Lamia Bint Majed Saud Al Saud, general secretary of Alwaleed Philanthropies, who also spoke at Gavi’s annual public-private partnership breakfast on the organization’s commitment to ensure that every child is immunized with basic life-saving vaccines no matter where they live in the world.

Last year Alwaleed Philanthropies made a fresh commitment to preventing the spread of vaccine-preventable diseases by investing a further $5 million in its partnership with Gavi, the Vaccine Alliance.

The commitment will provide extra funding between 2020 and 2024 to support organizations identified by Gavi as ‘pacesetters’ that are developing new innovations to improve vaccine access and delivery, particularly in urban areas.

The foundation is providing the funding through Gavi’s INFUSE initiative (Innovation for Uptake, Scale and Equity in Immunisation), which identifies these ‘pacesetters’, provides funding and support for them, and connects them to authorities in countries that need vaccination support.

By 2050 nearly 70% of the world’s population will live in urban settings. The rapid growth will add nearly 2.5 billion people to urban areas, with 90% of the expansion occurring in Asia and Africa. These large, highly populated urban settings with mobile, transient and under-immunised populations lend themselves to an increased risk of disease transmission and outbreaks.

Princess Lamia said: “Alwaleed Philanthropies has a 40-year history of supporting development and humanitarian initiatives that lift up the most vulnerable people and bridge the gaps that divide society.

“One of those gaps is disease. In a world where we have vaccines to many of the of the world’s most debilitating illnesses, there is still millions of people, particularly children, that are plagued by these preventable diseases because of a lack of access.

“On behalf of Alwaleed Philanthropies, I would like to thank Gavi and Dr. Seth Berkley for the award and for being such outstanding partners to work with. Since our first work with Gavi in 2015 we have been able to deliver great success across a number of projects.

This comes at a crucial time with just a decade to go before the 2030 deadline of achieving the Sustainable Development Goals (SDGs). There is a lot of work to be done over the next ten years that will require strong and decisive collaboration across organizations around the world.”

“Alwaleed Philanthropies has been a committed supporter of our mission to ensure no child goes without lifesaving vaccines,” said Dr. Seth, CEO of Gavi. “I would like to congratulate Alwaleed Philanthropies on their 40th Anniversary and thank Princess Lamia Bint Majid Al-Saud for continuously supporting Gavi. The Alliance’s successes would not be possible without partnerships with organizations like Alwaleed Philanthropies.” — SG

This article was first published in Saudi Gazette

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Prince Alwaleed’s Kingdom said to hire Deutsche Bank’s Saudi CEO

Time: July 04, 2019    

Prince Alwaleed's Kingdom said to hire Deutsche Bank's Saudi CEO
Saudi billionaire Prince Alwaleed bin Talal.

Prince Alwaleed bin Talal’s investment firm Kingdom Holding Co has hired Deutsche Bank’s chief executive officer in Saudi Arabia as head of international investments, people familiar with the matter said.

Tamim Jabr will join Kingdom Holding later this year, said the people, asking not to be identified because the appointment isn’t public.

Jabr was Deutsche Bank’s first hire in Saudi Arabia and had been with the lender for 16 years. Before becoming CEO of Deutsche Securities Saudi Arabia in 2017, he was head of corporate and investment banking in the kingdom.

His departure comes as CEO Christian Sewing prepares to announce the latest in a series of turnaround plans to cut cost and boost profitability.

The revamp may include a headcount reduction of as many as 20,000 positions, the scaling back of some investment banking businesses, as well as asset disposals, people familiar with the matter have said.

A spokesman for Deutsche Bank declined to comment and a spokesman for Kingdom Holding didn’t respond to requests for comment.

Kingdom Holding’s international portfolio includes stakes in ride-hailing firm Lyft and hotels chain Accor. The company is also set to become an investor in Uber as a result of its cash and stock offer to acquire Dubai-based ride-hailing app Careem, in which Kingdom Holding is an investor.

This article was first published in Arabian Business

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Princess Lamia bint Majed, secretary-general and a member of the board of trustees of Alwaleed Philanthropies

Time: June 01, 2019  

Princess Lamia bint Majed
  • Princess Lamia founded Sada Al-Arab, a publishing company operating in Cairo, Beirut and Dubai
  • Princess Lamia has bachelor’s degree in public relations, marketing and advertisin

Princess Lamia bint Majed has been secretary-general and a member of the board of trustees of Alwaleed Philanthropies since March 2016.

Founded by Prince Al-Waleed bin Talal and Princess Ameera Al-Taweel in 2003, Alwaleed Philanthropies is a charitable and philanthropic organization. With a mission to alleviate suffering around the world and globally transcend international borders, it collaborates with a range of philanthropic, government and educational organizations on projects and initiatives that focus on four areas: Empowering women and young people, developing communities, creating cultural understanding and providing disaster relief.

In an opinion piece published in Arab News on gender equality, Princess Lamia wrote: “In Saudi Arabia, women’s participation in the development of the Kingdom is a key aspect of Vision 2030. Female participation and empowerment in society is also a key pillar of our work at Alwaleed Philanthropies.”

After earning a bachelor’s degree in public relations, marketing and advertising from Misr International University in Cairo, the princess founded Sada Al-Arab, a publishing company operating in Cairo, Beirut and Dubai, in 2003. She also co-founded Media Codes Ltd. in Egypt, and the Fortune Media Group in Lebanon and Saudi Arabia.

She is also an author, having published her first novel “Abnaa Wa Demaa” in 2010, which followed a stint as editor-in-chief of Rotana magazine between 2004 and 2006, and of Mada magazine between 2002 and 2008.

This article was first published in Arab News

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Saudi billionaire Prince Alwaleed’s firm supports Uber-Careem merger

23/01/2019

Kingdom Holding holds a stake in Dubai-based car hailing app Careem

Saudi’s Kingdom Holding Company, which has a stake in car hailing app Careem, would back a merger of the Dubai firm with rival Uber, a senior official has said.

Kingdom, the investment firm of billionaire Prince Alwaleed bin Talal, took a 7 per cent stake in Careem in 2017 and was also part of a $200m fundraising round in October.

Reports last year had claimed that ride hailing firm Uber is holding talks to buy Careem in a deal that could value the firm at $2-2.5bn.

“We don’t interfere nor are we party to the discussions, and if it ever happens I think we are supportive of it yes,” CEO of Kingdom Holding Talal Bin Ibrahim Al Maiman told Bloomberg at the World Economic Forum in Davos, Switzerland.

According to reports, Uber had previously said it wanted to own more than half of any combination with Careem.

Careem, which launched in 2012, currently operates its car service business in more than 120 cities in 15 mainly Middle East countries.

Late last year, it also launched a delivery service covering everything from takeaway food to pharmaceuticals on Monday. The company said it plans to spend over $150m to develop the delivery business, starting with food delivery services in Dubai and Jeddah.

“We believe the opportunity for deliveries in the region is even bigger than ride-hailing,” CEO and co-founder Mudassir Sheikha told Reuters at the time. “It is going to become a very significant part of Careem over time.”

This article was first published in Gulf Business

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Alwaleed Philanthropies to distribute 7,000 via Aljazirah Vehicles Agencies

Time: October 07, 2018   

Alwaleed Philanthropies, chaired by Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud, has signed a memorandum of understanding (MoU) with Aljazirah Vehicles Agencies, the dealer of Ford and Lincoln cars in Saudi Arabia, to distribute 7,000 cars to various beneficiaries.
The programme offers 1,000 cars a year for seven years.
This partnership initiative will add to the Housing and Car Grants project that began in 2015 and will extend to 10 years, under which Alwaleed Philanthropies has committed to provide 10,000 housing units and 10,000 cars throughout the kingdom, said a statement from the organisation.
Moreover, it was agreed to provide 200 additional cars with special specifications and equipment suitable to transport the people in need, which are with disabilities, it said.
In line with Prince Alwaleed’ s belief in Saudi Arabia’s vision 2030, the initiative has emerged to empower women and youth through securing jobs that will have a great impact on the local economy, it added.
Human resource development is one of the most important objectives of Vision 2030, therefore, an initiative has been agreed to train 100 young men and women in cars and mechanical work. In addition, financing and supporting small car projects for distinguished young people.
The agreement was signed in the presence of Princess Lamia AlSaud, Alwaleed Philanthropies secretary general; Amal Al Kathiri, executive director of the National Initiatives Department, along with Aljazirah Vehicles Agencies representatives – Mohammed Al Kradees, deputy CEO; and Abdullah Alobthani, director of the government sales department in the kingdom.
For over four decades, Alwaleed Philanthropies has supported and spent more than $4 billion on social welfare, and initiated more than 1000 projects in over 164 countries, managed by 10 Saudi females members, reaching more than 533 million beneficiaries around the world, regardless of gender, race, or religion.
Alwaleed Philanthropies collaborates with a range of philanthropic, governmental, and educational organisations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education. It seeks to build bridges for a more compassionate, tolerant, and accepting world.

This article was first published in Trade Arabia

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