Plz post all the general news OR events here rather than opening new thread for each news...

Saudi Arabia to be among world's top 10 real estate markets

Saudi Arabia is forecast to become one of the best performing real estate markets in the world in 2012, according to the Middle East's largest private developer DAMAC Properties.

With investment bank Rasmala predicting five per cent growth in house prices over the next two consecutive years, Saudi Arabia's property sector is poised to become one of the world's leading property markets.

"The European debt crisis is likely to constrain real estate prices across the euro zone, the US market is still flat and with China and Hong Kong property prices tumbling, the Middle East is where investors are most likely to see growth in the New Year.

"We predict that Saudi Arabia, in particular, could easily edge into the world's top-ten list next year" said Ziad El-Chaar, managing director of DAMAC Properties.

Saudi Arabia's economic fundamentals are strong, with real GDP growth projected to be 6.4 percent in 2011, which is the highest in eight years. Corporate profits in the Kingdom rose nearly 25 percent in the first nine months of 2011, and net income from the petrochemical sector surged by 55 percent according to a report by Global Investment House.

"There is very strong positive sentiment about the outlook for Saudi's economy, and that is fueling demand for high quality properties within the Kingdom. We are seeing strong demand from both end users and investors seeking a market with high yields and plenty of scope for capital growth," El-Chaar said.

Increased oil revenues in 2011 have spurred a wave of fiscal spending as the Saudi Arabian government continues with its strategic push to diversify its economy. King Abdullah's commitment to spend 30 percent of the Kingdom's annual GDP on public projects aimed addressing unemployment and the country's housing shortage is already stimulating the housing and construction sectors.

"The investment world is so preoccupied with growth from the BRIC countries and emerging markets that they are overlooking a major powerhouse economy right here in the Middle East. Saudi Arabia is undergoing a once in a generational transformation, and property is an excellent vehicle to gain exposure to the Kingdom's economic expansion," said El-Chaar.

DAMAC Properties is well established in Saudi Arabia, having been one of the first international developers to be granted a license, under the jurisdiction of the Kingdom's new real estate laws, to develop and sell properties off-plan.

DAMAC Properties' is currently constructing Al-Jawharah Tower on the Jeddah Corniche.

The development was recently awarded the Arabian Property Award for "Best High Rise Architecture." At 47 storys, Al-Jawharah will be one of the tallest towers in Jeddah, and among the tallest developments in the country.

Construction is currently up to level eight, with block work up to level three.

The "DAMAC Residences, with Interiors by Versace Home" will occupy the highest ten floors of Al-Jawharah.

The Versace-branded residences were launched at Harrods in London during the summer, and showcased for the first time in the Kingdom at the Riyadh International Urban Development and Real Estate Investment Event. DAMAC Properties is this month unveiling its Versace show apartment at Al-Jawharah in Jeddah.

"While there has been a lot of commentary about affordable housing, it's not only the lower end of the market where we are seeing demand. As a luxury developer, we cater to the high end of the market, and we are seeing very strong demand in the luxury market segment" El-Chaar noted.

There is also a major demographic shift taking place in Saudi Arabia.

The country has a very young demographic profile, with around 45 percent of the population currently aged below 20 years old.

The young population and rapid rate of urbanization has been a significant factor driving the real estate market, with many young professionals now looking for units away from the traditional family home.

El-Chaar commented: "Saudi Arabia is dynamic, vibrant and exciting market to be a part of at the moment. DAMAC Properties is currently focused on the construction of Al-Jawharah project in Jeddah, but we are extremely optimistic about the Kingdom's real estate market and are continually looking for opportunities to expand our footprint in KSA."

DAMAC Properties is a large well-capitalized developer, with a proven track record for delivery.

The leading independent developer is continuing with its commitment to deliver its luxury development concept to the Saudi Arabian property market.

Riyadh real estate show big success

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The High Commission for the Development of Arriyadh (HCDA) played a major role in the real estate exhibition at the Riyadh International Exhibition Center, said a top official.

"The HCDA pavilion shows the comprehensive strategic planning program for the city from 2014 to 2030," added the spokesman of the Arriyadh Development Authority (ADA).

This authority is HCDA's executive arm.

He said the pavilion also displays the future vision of centers to be established and contribute to the distribution of economic activities and management services throughout the city.

"The centers will provide job opportunities in public and private sectors. There will be company offices, banks, shopping malls, social and recreational centers and residential areas," the spokesman said. He said the HCDA had also launched a marketing campaign to promote the centers, highlighting investment incentives.

He said HCDA has chosen the King Abdullah Financial Center to be the northern branch center in the city.

"Opportunities are still available for investors who want to develop the rest of the branch centers in the different parts of the city," he added.

Organizers said the Riyadh International Urban Development and Real Estate Investment Event had set the new benchmark for real estate events in Riyadh.

The event was a magnet for visitors throughout its three days duration.

“The Riyadh International Urban Development and Real Estate Investment Event is one of our latest exhibitions from the Cityscape portfolio and is showing some of the biggest growth year on year,” said Deep Marwaha, general manager of Informa Saudi Arabia.

“This year’s event has illustrated high exhibition participation with over 70 exhibitors and has achieved visitor numbers that have grown substantially from last year. We expect that this growth will continue into next year and we see only great things ahead for this dynamic market and industry-leading event.”

The exhibitors profited from the business and promotion opportunities offered by the Riyadh International Urban Development and Real Estate Investment Event.

“Marketing is one of our most important tools to promote our project and the Riyadh International Urban Development and Real Estate Investment Event is definitely the platform for us to do so. It embodies the art of real estate and helps us to fill our projects with real lives and sell people their dream house,” said Hassan Najjar, senior advertising and promotional manager at Ewaan Global Residential.

Bob Clarke, managing director of Herald Land, said: “Our participation at the event was a total success. We set certain business transaction targets prior to this event and we are expecting to exceed them by 500 percent.”

Great idea. The forum definitely needs more organization.

^^ :D

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Saudi Arabia takes the top spot in 2011 Rich List

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Billionaire Prince Alwaleed is among the 60 percent of Rich List entrants that call Saudi Arabia home.

Saudi Arabia has once again topped the Middle East for its super-rich residents, with 60 percent of entrants on the Arabian Business Rich List 2011 living in the Gulf kingdom.

Taking the number one spot for the eighth year was Prince Alwaleed bin Talal with a fortune of $21.3bn. In at No.2 is the founder of MBI Group, Mohammed Al Jaber, with $12.6bn in the bank.

The Gulf’s largest state beat neighbouring UAE and Qatar by a landslide, with just four of the richest Arabs residing in the emirates and only three in Qatar.

Kuwait and Egypt, also known for their high-net-worth citizens, were also outnumbered. Just three Kuwaitis and only one Egyptian were included on the 2011 list.

Saudi Arabia, the Gulf’s biggest oil producer, has long been home to the majority of the Middle East’s wealthiest residents due to its vast size and growing oil wealth.

A report by Wealth-X in November said the OPEC member had as many as 1,225 wealthy residents in the country, sitting on a cash pile of $227bn.

Gas-rich Qatar and Egypt were both labelled as wealth “hotspots”, with Qatar expected to see the fastest growth rate in both super-rich people and total wealth during the next decade according to the Wealth X report.

Bahrain, which received international condemnation after its response to the Arab Spring protests, was the only Gulf state that failed to rank with the Middle East’s eight richest nations, the report said.

Just one Bahraini family, the Kanoo clan, made it the Arabian Business Rich List 2011.

Across the region, which sits on some of the world’s largest oil reserves, there are 4,490 so-called ultra-high-net-worth individuals, compared with 62,960 in North America and 54,325 in Europe, Wealth X said.

Private banks and wealth management firms have been quick to tap into the market, with a number of finance houses shifting their focus to wealth management following the credit crisis.

Dubai investment bank Shuaa Capital said in October it planned to reinvent itself as an advisory body to the Middle East’s super rich, in a bid to diversify its revenues away from investment.

It now plans to offers its services to wealthy clients in Abu Dhabi, Saudi Arabia and Kuwait, according to the firm’s CEO.

HRH Prince Alwaleed

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Current year's wealth: $21.30bn
Current rank: 1
Last year's rank: 1
Last year's wealth: $20.40bn

Eight years of publishing the Arabian Business Rich List and eight successive years at the very top. The last twelve months saw the prince consolidate his position as the world’s richest Arab, with his fortune nudging up $900m to $21.3bn. Once again, this figure has been verified by his private office.

And it’s been another action packed year for the prince. Last month he confirmed he will be making new investments in Nigeria, through his company Kingdom Zephyr Africa Management, which already has interests in hotels, banking, cement production, oil and charity projects. He also opened the $100m Movenpick Ambassador Hotel in Accra, a joint venture between his Kingdom Holding Company and the government of Ghana.

But 2011 was also the year of the mega-projects for him: the long awaited confirmation of plans to construct the world’s tallest building, Kingdom Tower in Jeddah, were unveiled. He also struck a deal with Bloomberg to launch his own news channel, with both projects due to get under way in the New Year.

Today, Kingdom Holding Company, of which he owns 95 percent, covers 39 investments in seven sectors. It is the largest foreign investor in the US, with stakes in the likes of News Corporation, Time Warner, Apple and Citi. Regionally, major players from Samba Financial Group to Savola all have the KHC stamp on their shareholdings.

Don’t expect the prince to slow down anytime soon. As he told us a year ago, “There’s no limit for success. Success is achievement, grow your business and plough back some of your benefits to improve the lives of people, it’s a cycle… There is no top. The moment you reach the top you go downhill. If you reach the top of the hill what happens next? You have to go down. I’m not planning to go down. As far as I am concerned, you can never reach the top of the hill.”

Value of Saudi's delayed public projects hits $147bn

Saudi Arabia has unveiled a $130bn spending plan to build homes and infrastructure

The estimated total value of Saudi Arabia’s delayed public projects is nearly SR550bn ($147bn), according to a contractors’ committee official.

Lack of funds, manpower and equipment and issues related to contract terms are the main reasons for the delays, Raed Aqeeli, chairman of the contractors committee at the Jeddah Chamber of Commerce and Industry told Arab News daily last week.

"We have also problems related to increase in prices of building materials, the working mechanism for consultants, and government bureaucracy," he added. Saudi contractors have requested the government to step in and take immediate measures to scale down its negative impact on the Kingdom's progress and welfare of its people, Arab News added.

The National Contractors Committee at the Council of Saudi Chambers has recently signed up an international consulting house to study the impact of delays in implementing various government projects.

"The study will give a correct picture of the whole problem and will contribute to boosting the contracting sector," Fahd Al-Hammadi, the committee’s chairman told Arab News.

"We are looking for a realistic and practical solution to the problem in order to save the state and contractors from heavy losses. We also intend to propose a suitable mechanism to overcome the difficulties that were hindering the implementation of many projects," he added.

Saudi Arabia, the wealthiest GCC state, has unveiled a $130bn spending plan to build homes and infrastructure and address unemployment of 10 percent. The kingdom will see no near-term slowdown in the value of construction contracts being awarded, National Commercial Bank said last month.

The bank's Construction Contract Index showed that a total of SR95.1bn ($25.3bn) worth of deals were awarded during the third quarter of 2011, more than in the previous two quarters of the year.

Awarded contracts so far this year have reached SR179.5bn, the index revealed.

US, Saudi Arabia sign $29.4bn deal for fighter jets

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Saudi Arabia and the US have signed a deal for fighter jets.

The governments of the United States and Saudi Arabia have signed an agreement under the foreign military sales programme to provide advanced F-15SA combat aircraft to the Royal Saudi Air Force.

Valued at $29.4bn, the agreement includes production of 84 new aircraft and the modernisation of 70 existing aircraft as well as munitions, spare parts, training, maintenance and logistics.

The F-15SA aircraft, manufactured by The Boeing Company, are among the most sophisticated and capable aircraft in the world, the White House said in a statement.

"This agreement will positively impact the US economy and further advances the president's commitment to create jobs by increasing exports." the statement said.

According to industry experts, the agreement will support more than 50,000 American jobs, engaging 600 suppliers in 44 states, and providing $3.5bn in annual economic impact to the US economy.

"This agreement reinforces the strong and enduring relationship between the United States and Saudi Arabia, and demonstrates the US commitment to a strong Saudi defence capability as a key component to regional security," the White House added.

Saudi Arabia’s last significant US weapons purchase was for 72 F-15s in 1992, a transaction valued at as much as $9bn. The final installment of those planes was delivered in November 1999.

Saudi Arabia, the world’s biggest oil supplier, used F-15s and Apache helicopters in late 2009 to fight Muslim Shiite rebels who crossed the border from Yemen and seized territory inside the kingdom.

360-hours to build 30-storey hotel in China

The 30-storey hotel was constructed in just 15 days.

Chinese firm The Broad Group – the company that wowed the construction world last year when it built a 16-storey residential block in just six days – has done it again.

This time, the company has constructed a 30-storey, 17,000m2 hotel tower on the shores of the Dongting Lake in China’s Hunan Province in just 15 days.

The building has been designed to withstand magnitude 9 earthquakes and is claimed to be five times more energy efficient than standard towers, both in construction and materials used, and in the energy required to maintain and run the building.

The tower is designed around a reinforced steel core and uses a tapered steel frame to lock in the prefabricated steel decks for each of the floors. The decks, prepared beforehand offsite, contain all the plumbing, electrical wiring and other ancilliaries to enable swift assembly.

The building is clad in 15cm glass curtain wall insulation, while a three-stage air purifying system filters the external air, making it 20 times more pure for hotel residents.

The building was completed on December 31 – just 15 days, or 360 hours after construction commenced.

Last year, the company built The New Ark Hotel, breaking construction records by starting with an empty plot in Changsha and leaving the site with a 50m tall building in just 136 hours. The frame of the 50m building - which is built to withstand a magnitude nine earthquake - took just 46 hours to put together, with the building enclosure taking another 90.

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UAE, Saudi among top 5 markets for Rolls-Royce

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Luxury car maker Rolls-Royce said the UAE and Saudi Arabia were among its top five markets in 2011.

The UAE and Saudi Arabia were the fourth and fifth biggest markets for Rolls-Royce Motor Cars in 2011, the luxury vehicle maker said on Monday.

The company revealed record sales results for 2011 with a total of 3,538 cars sold globally, a 31 percent increase on the 2010 total of 2,711 cars. The figure represents the best sales result in the company's 107-year history; the previous record of 3,347 cars having been set in 1978 during the Silver Shadow II era.

Sales figures for the Middle East rose by 23 percent in the past year, the company said in a statement, adding that the UAE registered 32 percent growth.

Globally, China and the United States were the most significant individual markets for Rolls-Royce.

"We had an outstanding year in 2011 and we should take a moment to reflect on this Great British success story," said Torsten Mueller-Oetvoes, CEO, Rolls-Royce Motor Cars.

"Our business is in excellent shape. We are developing our dealer network, moving into new markets like South America, expanding our manufacturing operation in West Sussex to meet global demand and have plans to develop our product range."

Saudi agrees nuclear energy deal with China

Saudi Arabia has agreed to cooperate with China on the civilian use of nuclear energy as part of a package of deals the world's most populous country signed over the weekend to strengthen ties with the top oil exporter, Saudi state news agency SPA reported.

SPA did not provide further details on the nuclear cooperation agreement which was signed on Sunday by Hashim Yamani, president of the King Abdullah City for Atomic and Renewable Energy (KACARE) and Zhang Ping, chairman of China's National Development and Reform Commission (NDRC).

It follows similar agreements signed with France, Argentina and South Korea and the kingdom has held talks with Russia, the Czech Republic, Britain and the United States over increasing cooperation in the nuclear energy field. Saudi Arabia, which sits on the world's biggest oil reserves, is looking to diversify its energy mix with solar and nuclear to reduce fossil fuel burning for power generation, demand for which is expected to triple by 2032.

It may build up to 16 nuclear power reactors by 2030, an official at KACare said last year.

China has one of the world's largest nuclear power plant building programmes, with several reactors already under construction.

Chinese Premier Wen Jiabao was in Riyadh as part of a tour of the Middle East amid mounting US pressure on Asian consumers to tightening economic sanctions against Iran. Wen was in the UAE on Monday and is expected to fly to Qatar later this week.

Largest BMW showroom opens in Abu Dhabi (http://www.drivearabia.com/news/2012/02/18/largest-bmw-showroom-opens-in-abu-dhabi/)

Gulf cities among least expensive in world (http://www.arabianbusiness.com/gulf-cities-among-least-expensive-in-world-445786.html)

iPad 3 set for March 7 launch
(http://www.arabianbusiness.com/ipad-3-set-for-march-7-launch--445731.html)

Janadriyah records five million visitors (http://arabnews.com/lifestyle/offbeat/article578313.ece)

Janadriyah records five million visitors (http://arabnews.com/lifestyle/offbeat/article578313.ece)

Do you know how many of those were international visitors?

Impressive figure nevertheless.

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bUHAHAHAHA.This is some crazy shit.Look at em walking around with his french fries, ay yo give him some chicken:banana:

http://www.youtube.com/watch?v=gxVJ9PnikI8&feature=endscreen&NR=1

Do you know how many of those were international visitors?

Impressive figure nevertheless.

Didn't find any break-up of that figure BUT the no. of visitors are impressive...

US restaurant chain plans Saudi expansion

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The Melting Pot fondue restaurant.

A US-based fondue restaurant chain has announced plans to expand into Saudi Arabia in a deal with franchise holder Albabteen United Foods Company.

The Melting Pot Restaurants Inc, which currently runs 36 outlets outside of the United States, has signed a five-unit franchise development agreement.

Dr Mazen Almugbel, of Albabteen United Foods Company, said: "With its long history of success and unique fondue dining experience, The Melting Pot will elevate the standards of American casual dining in Saudi Arabia.

"I'm proud to partner with The Melting Pot to bring five locations to Saudi Arabia."

As part of the five-unit deal, the first Melting Pot location in the Middle East is slated to open in Riyadh in late 2012. Additional locations are slated for development in Jeddah and the Eastern Province of Saudi Arabia.

Dan Stone, vice president of franchise development for Front Burner Brands, the management company for The Melting Pot Restaurants, added: "The Melting Pot experience transcends cultural differences and is especially attractive to cultures that place great value on spending time with family and friends around a table of food."

The Melting Pot began researching international expansion opportunities a few years ago when the credit crisis hit the US.

The first international location (with seven units committed in Canada) opened in Edmonton, Alberta, in 2010 followed by the first Mexico location in Mexico City as part of a seven-unit deal in Mexico.

With 36 international locations open, signed or committed for development in Canada, Mexico, the Middle East and Asia, the company is also looking to Australia, China, India, Brazil and other provinces in Canada for further expansion opportunities.

Analysts say in the next decade US restaurant chains plan to open more than 250 locations in the Middle East, where growing populations and increasing wealth offer one of the best chances to expand outside of the saturated US market.

“There’s been almost an explosion of interest in the region,” said Shonil Chande, a London-based food and drink analyst at Business Monitor International.

American chains are coming to the Middle East because of the growing wealth of the middle class, which has “developed so quickly from energy over the last 10 years,” he said in comments published in November.

Aramco to explore for oil in Red Sea

Saudi Arabia is beginning an oil exploration push that it says is expected to turn up 100 billion barrels of new oil in existing fields in the Kingdom and in unexplored regions including in the Red Sea.

The effort is also expected to increase the company’s natural gas production by 40 percent by 2014.

Saudi Aramco executive said Tuesday the company plans to drill its first deepwater exploratory well in the Red Sea by year-end.

“We are optimistic about the potential for significant discoveries,” said Amin Nasser, Saudi Aramco senior vice president upstream, at the IHS CERA conference in Houston. “We expect to start drilling in the deepwater by the end of this year.”

Deepwater and shallow water drilling are key components of Saudi Aramco’s long-term goal of finding at least 100 million barrels of energy resources within the Saudi Arabian kingdom in the next several decades, Nasser said. The company is also working on increasing its rate of oil recovery from fields to 70 percent from 50 percent in coming years.

“The program was designed to ensure that we continue to have ample spare capacity to meet underestimated energy demand,” he said. Saudi Arabia has 267 billion of so-called proven reserves, about one-fifth of the world’s total. “Proven reserves” is an industry term that means oil or gas that has been discovered and could be produced with today’s technology.

The world consumes about 89 million barrels of oil per day, or 32.5 billion barrels per year. The industry describes a field as giant if it has 500 million barrels of oil or more.

He said geological surveys suggest that the oil will be found in “frontier” areas in the Kingdom, including in the shallow and deep waters of the Red Sea. Nasser said shallow water drilling has begun already and that deep water drilling will begin later this year.

“We are very optimistic about the potential for significant discoveries,” he said.

He also said improved oil extraction techniques will allow the country to pull 70 percent of the oil from its existing fields, up from 50 percent.

The natural gas push is being made to handle strong growth in Saudi Arabian power demand. Nasser said power demand is rising 7 percent a year.

He also said that Saudi Aramco will improve its research and development capabilities by doubling the number of scientists who work for the company and opening research centers around the world.

The first new research center will be in Houston, he added, though he did not say when it would be established.

Oil prices rose above $105 a barrel Wednesday amid expectations that an improving US economy will eventually boost crude demand. By early afternoon in Europe, benchmark oil for April delivery was up 40 cents to $105.10 in electronic trading on the New York Mercantile Exchange. The contract fell $2.02 to settle at $104.70 per barrel in New York Tuesday.

In London, Brent crude was up 78 cents at $122.76 per barrel on the ICE Futures exchange.

Crude has jumped from $75 in October because of diplomatic tensions with Iran, a major oil producer, and as US economic indicators including employment have slowly improved over the last few months.

Prince Alwaleed tops MidEast billionaires list

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Saudi Arabia's Prince Alwaleed bin Talal Al Saud was again ranked the Middle East richest man in the latest Forbes list of the world's billionaires.

Prince Alwaleed was placed 29th on the list with an estimated fortune of $18bn.

The chairman of Kingdom Holding Company was placed top of the Arabian Business Rich List for the eighth consecutive year in December.

The Gulf had a total of 17 representatives on the list which was topped by Mexican tycoon Carlos Slim with an estimated worth of $69bn.

Microsoft Corp co-founder Bill Gates ranked second at $61bn and Warren Buffett third at $44bn.

Fifty-eight countries were represented on the list of a record 1,226 billionaires whose average fortune was $3.7bn.

Some 128 billionaires were new to the Forbes rankings this year.

Saudi Arabia's Ethiopian-born Mohammed Al Amoudi was the second Gulf-based billionaire ranked by Forbes magazine - placed 61st with a fortune of $12.5bn.

The 66-year-old is close to the Saudi royal family and his construction company, Midroc, built the $30bn underground oil storage facility in the kingdom in the late 1980s.

Mohamed bin Issa Al Jaber, the chairman of MBI International, was ranked 133rd with an estimated fortune of $7bn, although his private office confirmed his wealth at $12.75bn to Arabian Business in December.

Four Emiratis made the list with Abdul Aziz Al Ghurair, CEO of Mashreq bank, ranked 401 with his wealth estimated at $2.9bn. His relative Saif Al Ghurair and family — estimated to have $2bn — was ranked 634th.

Abdullah Al Futtaim with an estimated $1.6bn in the auto and investments industries was ranked 804th while his cousin Majid Al Futtaim, who runs MAF Holding, was estimated to have a fortune of $1.1bn and was placed 1075th.
Kuwait was represented by brothers Kutayba and Bassim Alghanim who were ranked 806th with fortunes of $1.6bn while Fawzi Al Kharafi, Jassim Al Kharafi, Mohannad Al Kharafi were all ranked 1015th with an estimated fortune of $1.2bn.

Facebook founder and CEO Mark Zuckerberg was ranked 35th with a net worth of $17.5bn while notable drop-offs included "Harry Potter" author JK Rowling, whose wealth fell below $1bn.

Also falling off was Jim Balsillie, the former co-CEO and co-chairman of Canada's Research In Motion, the troubled maker of BlackBerry.

The United States led the rankings with 425 billionaires while Russia overtook mainland China as the country with the second-most billionaires, by a margin of 96 to 95.

Forbes will launch its Billionaire Real-Time Ticker this month with 50 of the top billionaires updated in real time.

Gulf-based billionaires in the Forbes list:
Prince Alwaleed bin Talal Al Saud 29th $18bn
Mohammed Al Amoudi 61st $12.5bn
Mohamed bin Issa Al Jaber 133rd $7bn
Sulaiman Al Rajhi and family 169th $5.9bn
Abdul Aziz Al Ghurair and family 401st $2.9bn
Mohammed Al Issa 578th $2.2bn
Abdullah Al Rajhi 578th $2.2bn
Saif Al Ghurair and family 634th $2bn
Saleh Kamel 764th $1.7bn
Abdullah Al Futtaim 804th $1.6bn
Bassam Alghanim 804th $1.6bn
Kutayba Alghanim 804th $1.6bn
Mohammed Al Rajhi and family 854th $1.5bn
Fawzi Al Kharafi, Jassim Al Kharafi, Mohannad Al Kharafi 1015th $1.2bn
Majid Al Futtaim 1075th $1.1bn

Over a million visit book fair

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Children showing keen interest at displayed books.

Head of Information at the Riyadh International Book Fair 2012 Muhammad Abes said 1.08 million people had visited the event as of Tuesday, buying almost SR4 million worth of books.

He said the exhibition continues to enjoy increased popularity from all types of visitors whether they are Saudi, expatriate or from outside the Kingdom. The exhibition started last Tuesday and will conclude tomorrow.

There were plenty of children at the fair, especially at the Swedish stand that took care of the young visitors by entertaining them with stories and games.

The first few days of the fair attracted huge crowds, especially from schools. The exhibition caters to children by offering all kinds of books, educational and cultural.

In addition to the activities including drawing and coloring events, there was a mascot that looked like a sheep that greeted children and told stories to them. The character is featured in a story called “Pistachio Birth”, written by Dalal Hamoud bint Hamoud bin Nader.

Educational supervisor Mohammed Abdul Karim praised the fair’s management for catering to children, adding many books that aimed to inspired creativity and art in kids were found at the exhibition.

Abdul Karim urged Saudi families to take their children to the exhibition and to buy books and publications that would help develop their knowledge.

The National Society for Human Rights distributed a number of pamphlets and brochures to inform visitors and children of their rights.

The pocket sized booklets covered the UN convention on children’s rights, the rights of prisoners, the rights of the accused and the rights of the disabled, among others.

French Ambassador to the Kingdom Bertrand Besancenot said: “The Riyadh International Book Fair every year is becoming better and better. This is characterized this year by the larger turnout of visitors compared to last year as well as the large number of participants from publishing houses and various new publications in various fields of knowledge.”

Prince Alwaleed tops Forbes Middle East's billionaires list

Forbes Middle East has just revealed the Arab billionaires ranking, composed of 36 distinctive billionaires from across the Arab world with a combined total net worth of $121.3 billion, improving on last year's figure of $117.6 billion.

Topping the ranking for the second year running is Prince Alwaleed bin Talal with a fortune of $18 billion, followed in second place by Lebanese-Brazilian billionaire Joseph Safra with $13.8 billion to his name. Through this prestigious ranking, Forbes Middle East aims to highlight the inspirational stories of the region's Arab billionaires, as well as the challenges and obstacles overcome on the road to success.

Both Saudi Arabia and Lebanon led the way on this ranking with eight billionaires each. Despite recent political turmoil, Egypt was runner up with seven billionaires, followed by the stable UAE with a total of four. However, this year's major headline was newcomer to the billionaires club, Morocco, which entered the ranking with three billionaires - Miloud Chaabi, Othman Benjelloun and Anas Sefrioui.

Kuwait ranked sixth with two billionaires, Bassam and Kutayba Alghanim. Kuwait's wealthy Al-Kharafi family were removed from the ranking following a formal request from the Kharafi Group. Jordan, Syria, Iraq and Sudan also featured in the ranking with one billionaire each.

Forbes Middle East's Editor-in-Chief Khuloud Al-Omian said: "The motivation behind publishing this list is to deliver the powerful message, that behind these billions lay wealthy individuals who have fought long and hard, and given generously. These success stories present lessons to be learned that money cannot buy, and serve as an inspiration to us all."

Al-Omian added: "Inheritance is becoming the fastest and easiest way to enter the billionaires club. This begs the question: Can the new generation in the Arab world advance their inherited companies or family businesses? Statistically speaking, the Arab world's wealthiest young people are still in the beginning stages but we hope that they can take inspiration from the brilliant minds that preceded them and the region's key figures who still dominate the scene."

Standing out among the success stories featured in the Forbes Middle East billionaires issue is Sulaiman Al-Rajhi & family, ranked in 5th place with a family net worth of $5.9 billion. The Saudi banking tycoon-turned-philanthropist made headlines last year with an unprecedented decision to relinquish much of his fortune, distributing his wealth among family and donating a significant proportion to charity. Also standing out is Moroccan frontrunner Miloud Chaabi, ranked 10th with a fortune of $2.9 billion. Following a religious education, this inspirational man started working at the age of 15 as a shepherd, then as a farmer, before moving into the construction industry. Today, he leads the Moroccan billionaires as head of Ynna Holding - a company specialized in real estate development, hotels, retail and industry.

Saudi Arabia is 26th happiest nation in world

Saudi Arabia has been listed the 26th happiest nation in the world in a survey released by the United Nations. Its GCC neighbor the United Arab Emirates held 17th position while two other GCC states, Kuwait and Qatar, ranked 29th and 31st.

The list of happiest nations is dominated by North European nations. Denmark was ranked at the top of the scale, ahead of Finland, Norway, the Netherlands and Canada.

According to statistics published by the Ministry of Economy and Planning last year, annual per capita income in the Kingdom reached SR49,000. The country’s per capita income remained unchanged because of dramatic population increase.

The unhappy nation list is dominated by the poor African countries. At the bottom of the rankings are Togo, Benin, Central African Republic, Sierra Leone, Burundi, Comoros, Haiti and Tanzania, said the 150-page report.