Billionaire investor Prince Alwaleed Bin Talal of Saudi Arabia has turned his interest in global satellite internet company Teledesic LLC into a financial one. The prince invested a hefty $200m in the company through family trusts at a signing ceremony with Teledesic chairman and co-chief executive Craig McCaw in Los Angeles. Speculation had been rife that Prince Alwaleed would join Teledesic partners and primary investors McCaw and Bill Gates since he met with McCaw on a visit to the US in January (CI No 3,317). Alwaleed says he decided to invest in Teledesic because he shares McCaw’s vision of a network that will provide high-speed data connections to businesses, institutions and individuals worldwide. He said he admires the company’s business plan and the fact that it has the potential to change the world for the better. Undoubtedly he’s interested in the idea of providing low-cost broadband communications to the Middle East. Alwaleed, the nephew of Saudi Arabia’s King Fahad, has previously made major investments in companies including Apple Computer Inc, Motorola Inc, Netscape Communications Corp, Daewoo and News Corp. His $590m investment in Citicorp, made in 1991 – which now makes him the largest individual shareholder – became worth more than $7bn following the company’s announced merger with Travelers Group Inc last week. Last summer, Forbes magazine named Gates and Alwaleed the two most successful entrepreneurs in the world.
