Value investor Prince Al-Waleed has been called by many the "Warren Buffett of the Middle East" ever since his prescient and humongous bets in the mid-1990s on two floundering companies, Citigroup(C Quote) and AOL.
His investments occurred at all-time low points for both companies and have paid off tenfold, giving Al-Waleed a net worth estimated between $10 billion and $20 billion.
Al-Waleed began his career in real estate and construction, often brokering deals with businessmen who wanted to do transactions in Saudi Arabia. From his background in real estate comes an interest in hotels. In January 2006, he purchased Fairmont Hotel. Interestingly, Al-Waleed made his offer shortly after activist Carl Icahn agitated for change at the hotel chain. Icahn had been accumulating Fairmont and wanted the company to put itself up for sale. The prince obliged. ...
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