REUTERS/Fahad Shadeed/FILE
While the world struggles amidst the global recession, some individuals were lucky to see their income increase. One in particular is the world’s 19th richest man – Prince Alwaleed bin Talal Al Saud of Saudi Arabia.
His investment company saw a 48 percent surge as of the second quarter. This as a result of a improved performance in its hotel holdings and domestic investments.
The company, Kingdom Holding, announced Tuesday that it saw its second-quarter net profit at 135.4 million riyals ($36 million), compared with 92.1 million riyals in the same period last year.
“I feel confident that KHC’s financial results will continue to grow during the remainder of this year,” Alwaleed, the nephew of King Abdullah, said in a statement
In addition to holding investments in Saudi Arabia and hotels, the Prince owns part of Citigroup, News Corp and Apple.
Sources: AP, AFP
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