Saudi prince puts Singapore Raffles up for sale
16th Apr 2009
According to The Times, the Prince is looking to divest a range of his holdings in response to a sharp slump in the value of his largest investments, most significantly Citigroup in which he owns a 3.9 percent stake - shares in the banking group have fallen from US$50 to US$4 in less than a year. In October he attempted to stabilise the crash by raising his holding to 5 percent, but the shares have continued to slide.
Other interests that have taken a hit include Songbird Estates, the majority holder of Canary Wharf, as well as Eurodisney and News Corporation.
Kingdom Hotel Investments, a small London-listed vehicle in which he has a 55 per cent stake, has lost more than two thirds of its value in the past 12 months.
According to Fortune magazine, the Prince’s wealth has fallen from $21 billion to about $13 billion over the past year, putting him 22nd in the magazine’s list of the world’s top billionaires.
The Prince is hoping raise funds by selling parts of his hotel empire. These could include his 33 percent stake in Mövenpick Hotels and possibly even The Savoy, London, which is scheduled to reopen at the end of the year after a £100 million overhaul.
“He’s having a very challenging time,” one analyst close to the Prince told the Times. “He’s definitely a seller rather than a buyer. He’d sell just about anything at the right price, although finding buyers able to fund such deals is the challenge.”
Other assets for sale include the Fairmont Copley Plaza, in Boston, and the Fairmont Hotel Vier Jahreszeiten, in Hamburg.
9 comments:
Sa bann bez zot manman fodre zot kit nou pei!!
Over the past two weeks the Historian - Mr Durup article about the first Sechelles Seychelles Chief Justice, the fourth Chief Justice and the first Governor of Sechelles Seychelles Sweet- Escott. Then Human, Society - Mauritius, Seychelles, Reunion Benchmark.
Equally the decision for Mr Dick Esparon to be the first UAE resident Ambassador. The economic situation in the world, region and Asia.
In my capacity as an Interdisciplinary Management executive, beside our EU and Indian Ocean issues, contributed reasonably importantly that Prince Alwaleed acquired/develop and expanded his port folio in the Hotels mention above, the Properties in London and elsewhere. He was still young and inexperience compared to more matured and ruthless Gulf Region business man. Specially in the Oil Industry and Prince Geoffrey of Brunei issues. At the pick/high of his Kingdom business empire, Sovereign Investment Portfolio, addressed him - like so many others he turn round and threaten to have us killed or taken up in the rendition program.
in the application of high Interdisciplinary management discipline one do not rub salt or one opponent or somebody with great loss in the mud or dirt. It would be proper if anybody in the Prince surrounding, entourage can inform him that we have mention the issues here. We were right in our judgement- as such the future of the world, EU and the region. It will can only be rebuild, supported with individual of experience. What we addressed him and the His Highness, the Emir of Dubai. It is essential and very important for both of them and other Regional important personalities note well - when one is responsible for high issues you never go begging or allow yourself to be corrupted - because one destroy one self and one become useless - "rather rot or live on bread and water" It is up to such individual to realize our work, role, input and contributions and extend their Larges or generosity or business position.
The debacle was so we get a bit of fund to be able to work and get the hell out of England and live - work like a human being. Is that too much to ask for such work, expertise and knowledge.
Would Raffle seychelles soon be next on the list?
Talal has said that he will sell all assets to raise money.This includes Seychelles, of course.
Vey liki ler arab pou fatige ek tou bann biznes ki zot in ouver Sesel apre tir tou zot bann avyon.
La ki Pissedoff pou pissed off.
During the Cold War and until 1991, the Business practice by all leading Parties who did Finance a Government or Head of State, they did so for specific reasons, Oil, Mineral, political strategy, religion.
Unlike President FA Rene who did make a great deal of money for his internationl Business Associates - President J A Michel, has not done this been able to do this.
Those three prominent Arab Investors, did not come to Sechelles Seychelles just for our Hotel and Lands - they were of the paramount conviction, given what has been written, discussed about the uniqueness of Seychelles involvement in Regional, AU, Asia, North Africa, Gulf Region, EU in driving very big business, regional and global markets, property issues this has fallen through the sky/failed.
GMR, President FA Rene, President G Bush Junior and others knew who was driving those issues. That person has never been paid a cent. Waht folowed/ensued. Friends all of you who blog here what would you do in that person shoe.
Those modern Arab business ought to take consequences, President JA Michel cannot and do not control us/our affairs like FA Rene tried. All three need to have a good talk with President JA Michel.
We do not know what President JA Michel was doing then - we were doing our apprentice ship in Project Portfolio Management for Industries and Finance.
The Law, practice and Contracts, remuniration, Salary.
Mr Adna Kashogi decision to have "Nabila" build the most advance of Private Yacth, the Monegasque Royal Family, our important Italian connections, then USSR and COMECON workings and the Sechelles Seychelles exile/refugee, governments in exile.
Prince Talal acquired this piece of Art until he had a bigger and better one build.
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