Prince Alwaleed bin Talal Al Saud has been named as the wealthiest Arab in the annual Arabian Business Rich List, the definitive listing of the Arab eorld’s wealthiest individuals.

The listing, available online at www.arabianbusiness.com and published in full in the second December issue of the magazine, includes a record number of new entries this year.

“The Arabian Business Rich List is now an established benchmark of the wealthiest individuals in the Arab World,” said Arabian Business editor Andrew White.

“This year’s list clearly demonstrates a major movement in the region’s wealth, includes 47 billionaires in total and clearly reflects the energy and dynamism across the region’s markets today,” added White.

Prince Alwaleed tops the Arabian Business Rich List with personal assets of some $29.5 billion at the end of a year that saw the highly successful flotation of his Kingdom Hotel Investments and the news that he is to purchase a $315 million Airbus A380 as his personal airliner helping to cement the legend behind the man.

The strong growth in regional wealth is cited by the magazine as the reason driving the entry level to the list up to $700 million from 2006’s $520 million entry point.

The list includes a number of surprises, including Kuwaiti former fighter pilot Maan Al-Sanea who is the list’s highest riser, jumping 33 places. Al Sanea’s holdings include 3.1 per cent of global financial heavyweight HSBC.

Arabian Business magazine is published by ITP Executive Publishing and serves the Middle East’s business, financial and government communities. – TradeArabia News Service