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Freed Saudi billionaire remains chairman of Kingdom Holding

RIYADH: Riyadh-listed Kingdom Holding confirmed on Thursday that billionaire Prince Al-Waleed bin Talal remained its chairman, brushing aside speculation that he had forfeited control following his detention in an anti-corruption crackdown. The prince, dubbed the Warren Buffett of Saudi Arabia, was released on Saturday after nearly three months in detention after an undisclosed financial agreement with the government. The prolonged detention of Prince Al-Waleed, ranked among the richest men in the world, had sent shock…

Saudi Arabia to invest $1 billion in Virgin Galactic

RIYADH: Saudi Arabia's Public Investment Fund on Thursday announced a $1 billion investment in  British billionaire Richard Branson's space tourism company Virgin Galactic. The announcement on the sidelines of an investment summit in Riyadh comes nearly a month after the Virgin Group founder said he would invest in the kingdom's Red Sea project that aims to turn 50 Saudi islands into luxury tourism destinations. "This investment will enable us to develop the next generation of satellite launches and accelerate our…

NAB arrests billionaire police constable in Hyderabad

HYDERABAD: National Accountability Bureau (NAB) on Monday arrested an on-duty billionaire police constable and his sacked father on corruption charges during a raid in Latifabad area of Hyderabad and recovered a huge amount of cash currency, ARY News reported. A NAB statement said Muhammed Yousuf and his father Arif Yousuf were arrested on charges of money embezzlement. About Rs3.8 million, 20 million Iranian rials, 750 million Saudi riyals, 3405 UAE dirhams, prize bonds worth 1.2 billion, jewellery worth Rs2 million,…

Watch Obama trying some dangerous water sports with billionaire Richard Branson

Former US president Barack Obama is trying some new and dangerous water sports that the Hawaii native had to miss out on for safety reasons while serving in the White House. Obama, whose eight years as president ended last month when he was succeeded by Donald Trump, learned to kiteboard while vacationing last week on a Caribbean island owned by British billionaire and adventurer Sir Richard Branson, who published an account of their trip on Tuesday. Photographs and video on the website of Branson's Virgin Group…

Trump tumbles on rich list, down $800 mln: Forbes

NEW YORK: It seems running for president is hurting Donald Trump's finances big time. The Republican nominee's fortune fell $800 million last year sending him tumbling 35 spots on a list of richest Americans, Forbes said on Tuesday. The business magazine said the New York real estate mogul is worth $3.7 billion -- down from an estimated $4.5 billion in March -- and just over a third of the $10 billion that Trump has bragged of amassing. Trump, who has made his fabulous wealth a key selling point in his bid for the White…

Saudi billionaire Prince Talal sells Toronto Four Seasons

RIYADH: Saudi billionaire Prince Alwaleed bin Talal's company has sold the luxury Four Seasons hotel in Toronto for $170 million, it said on Sunday. Kingdom Holding Company said it sold the hotel for 225 million Canadian dollars (152 million euros) to Shahid Khan, the Pakistani-American businessman who founded auto parts maker Flex-N-Gate and owns English Premier League club Fulham. KHC said it had made a profit of 17 million Canadian dollars from the sale of the hotel, which it bought four years ago for 200 million…