FT Alphaville

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Mar 4

The Private Office of His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Kingdom Holding Company announce that they have ended their long-standing relationship with the Forbes Billionaires List. The relationship was severed in a letter from His Royal Highness, Chairman of Kingdom Holding Company, to Mr. Steve Forbes the Chairman and Editor-in-Chief of Forbes, requesting that the Prince be removed from the list and informing Forbes that KHC officials would no longer work with the Forbes valuation teams.

Prince Alwaleed has taken this step as he felt he could no longer participate in a process which resulted in the use of incorrect data and seemed designed to disadvantage Middle Eastern investors and institutions.

- From a press release sent to reporters by said private office. HT to the FT’s Tom Braithwaite for forwarding. Historically, of course, the kingdom has been happy to cite the prince’s Forbes rankings and those of other publications.