The extent of Saudia Arabia’s wealth frequently makes headlines. Recently, Prince Al-Walid bin Talal, a member of the Saudi royal family, sold a 5% share of the Kingdom Holding Company, one of the largest investment companies in the world, for more than two and a half times its initial public offering valuation. As a member of the Saudi royal family, Al-Walid holds assets estimated at $20.3 billion and is deemed by Forbes Magazine as the 13th wealthiest person in the world. The prince’s major holdings include Citibank, AOL, Apple, Inc., Worldcom, Motorola, News Corp, Planet Hollywood, and numerous other companies. He alone is the largest foreign investor in New York and his extensive real estate holdings including upscale hotel chains and resorts. In July of 2005, Talal donated $20 million to the Louvre in Paris, the largest donation ever received by the museum, for the construction of a wing to house Islamic art.
In recent years, Talal has used his financial clout to influence American foreign policy, shape media portrayals and promote Islamist ideology. Following the 9/11 attacks, in which 15 of the 19 hijackers were Saudi nationals, Al-Walid offered a $10 million donation to New York City toward relief efforts and suggested that the U.S. should reexamine its allegedly pro-Israel policies in the Middle East as the root cause of the attacks. The donation was turned down.
Prince Talal gave $500,000 to the Council on American Islamic Relations (CAIR), an un-indicted
co-conspirator in the funding of Hamas, for distribution to American public libraries of books that sanitize Islam and terrorist organization activities. One book declares that terrorist groups Hamas and Hezbollah were placed on the U.S. government’s terrorist list, not because of their well-documented terrorist operations, but because of the pro-Israel bias of American leaders.
During the 2005 Muslim riots in France, Prince Talal, the fifth largest shareholder of the parent company of Fox News, called network chief Rupert Murdoch and demanded that a screen banner identifying the unrest as “Muslim riots” be changed to “civil riots.” The Prince maintained that the U.S. media is too pro-Israel and he encouraged the Arab world and media to do more to counter this tendency.
Further, Prince Talal has tried to influence U.S. Middle East policy by donating $20 million each to Harvard University and Georgetown University, among the largest university donations in history, to finance Islamic studies and create a pro-Islamic environment among future and current policy leaders. From a country that ironically routinely punishes practitioners of Christianity, he declared that his primary reason for bestowing the gifts was the promotion of “Muslim-Christian” understanding.
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