Rich Arabs Lose $25 Billion, Saudi Oil Tick Hardest Hit

This is even better than Frank Lautenberg taking a bath. A report released today says the world's 50 wealthiest Arabs have been taking a financial beating due to the economic crisis. Normally I might have some sympathy for those being affected by the crisis, but sorry, I just can't muster any compassion.

The world’s 50 richest Arabs have lost a collective $25 billion (Dh91bn) over the past twelve months as result of the global financial crisis, according to Arabian Business magazine.

Among the biggest losers was Prince Alwaleed bin Talal and one of the largest investors in Citigroup, who had lost 19 per cent of his personal wealth over the past year, the magazine said in its annual Rich List, a survey of the Gulf’s wealthiest individuals.

The Saudi billionaire was still ranked the wealthiest Arab with assets worth $17.08bn, although this was down from the $21bn he held a year ago, the magazine reported, citing Prince Alwaleed’s private financial accounts.

“Everyone has been guessing for 20 years” about the assets, Prince Alwaleed was quoted by Arabian Business as saying. “I want you to get it right — to get it absolutely right.”

Prince Alwaleed was often referred to as the Middle East’s Warren Buffett after his 1991 investment in Citicorp, Citigroup’s predecessor, which vaulted him into to the tight circle of the world’s five richest people.

Apparently losing this much hasn't prevent the Prince from spending lavishly on his media pals.

Opinion formers of the world were surprised to receive a large box of gifts from Saudi Prince Alwaleed, containing a capacious leather travelling case, complete with leather-bound copies of his Business Billionaire Prince biography, and zip-up, travelling prayer mat with compartments.

Bearing the "Kingdom" logo of his investment conglomerate, which spans Citigroup, News Corp, Four Seasons, Saks, Apple and Ebay, the plush leather coverings are in the distinctive green and beige brand colours. These adorn everything from his Boeing private jet, to the helicopter that sits on top of his similarly coloured yacht.

Describing the prince as a "media junkie" - always surrounded by TV screens, even in the desert camp outside Riyadh where he spends weekends - the tome comes with a DVD.

Published a few years ago with a foreword by Jimmy Carter, it gives an insight into the prince's world. This includes doing the rounds of Four Seasons hotels - the George V in Paris was a favourite project - a rigid ritual of prayers, and an obsession with calories and neatness.