“Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a
British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion. The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the US magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses. Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc, among other companies. He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris.”
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