Alwaleed Is Richest Arab Businessman for Seventh Year, Al-Jaber Is Second

Alwaleed’s assets were valued at $20.4 billion, the Dubai- based magazine said today in its 2010 Arab Rich List, adding that the figure was confirmed by the Saudi prince’s office in Riyadh. It compares with Alwaleed’s wealth of $18 billion reported last year by Arabian Business.

Alwaleed, 55, has restructured Kingdom Holding Co. and invested $500 million in General Motors Co.’s initial public offering in November to drive investment growth as the global financial crisis unwinds. Riyadh-based Kingdom Holding, 95 percent owned by Prince Alwaleed, announced yesterday that it will pay its first annual dividend in 2011 since listing on the Saudi stock exchange more than three years ago.

“Taking into account the latest market values of Kingdom Holding, and an appreciation in the value of many of his key assets, we now place a figure of $20.4 billion on his total wealth,” Arabian Business said. The magazine assessed Alwaleed’s assets in five areas, including Kingdom Holding, companies outside Saudi Arabia, property and transportation.