They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
americas4 hours ago
According to Reuters, the Dubai Internationa Financial Centre-based hotel and resort real-estate investment company said the buyback represented about 4.29 per cent of the company’s outstanding share capital.
Global Depositary Shares of the company, a unit of Kingdom Holding Company, was trading at $1.20 on Friday at 1530GMT on the London Stock Exchange.
Recently it was reported that the wealth of the richest Arabs plunged in 2008, with Prince Alwaleed, the wealthiest of all, seeing his investments shrivel nearly 20 per cent, according to a list published in
The Saudi prince’s wealth has shrunk by $4 billion to $17.08 billion under the impact of global financial turmoil, the Arabian Business online magazine said in a survey of the richest 50 Arab people.
Despite his losses, Prince Alwaleed remains top of the list, though his wealth sank twice as much as that of second placed Nasser Al Kharafi, a Kuwaiti businessman whose value is estimated to have dropped by $2 billion to $9.6 billion.
In May 2008, Prince Alwaleed ranked 19 in the Forbes list of world billionaires with $21 billion.
His wealth includes a five per cent stake in the troubled US banking giant Citigroup and a private Airbus superjumbo A380, dubbed as the “flying palace” and valued at $330 million.
The combined assets of the top 50 have plummeted by $25 billion or 12 per cent to $199.48 billion, based on data calculated by the magazine.
“As a sign of the downturn in global stocks, nine of the top ten on this year’s list have seen their wealth decline,” the magazine said, citing the collapse in the value of property and banking shares as the main reason behind the drop.
· abdulbasit@khaleejtimes.com
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