Billionaire Saudi Prince Reveals Secret Agreement With Government

your royal highness all of a sudden you're eager to talk why you smell him ar-rahim I met you almost a week ago and I told you I was not prepared to talk yet about what took place however in this last 10 1 week to 10 days a lot of false articles were written and certain newspapers like what C Journal and The New York Times and unfortunately were quoted by CNBC and they were all false wrong and they were based in an window rumours and heresy and that's why I wanted to clarify my position and also the position of Saudi Arabia although I don't represent Saudi Arabia but I'm Saudi citizen and I will not accept anything not even on one iota of having Saudi Arabia being touched with such false rumors in a window and heresy so I'm here today to clarify things to you through Bloomberg and give you all the facts on my behalf and to clarify as much as I can my position what specifically was false or heretical or rumor mongering well let's begin with the BBC report a few months ago when I was in indeed in detention whereby BBC have shown a person I will not dignify his name by saying it by lying blatantly lying I'm saying that he met me and he saw me in any prison and he heard the the the gates cells moving which is false I didn't meet him I met him two years ago last time so these were completely false and rumors and and he said that he believed I was tortured and which is complete lie and he the other lie was also when he said that I I I talked him through Skype which is also live but I never used to use Skype in my life not even once and to add to that the latest article Wall Street Journal whereby they said that you know the had the veto power on on the dealings of Kingdom holding and said that I personally cannot do any more deals regionally locally and internationally and and and the latest lie was and i say i'm unfortunately using the word lie it's not not anymore false information when they said that that that that the government of Saudi Arabia has would stopped the one-mile Tower one one one kilometre tower being constructed in Jeddah and they moved everybody to the neon project and I have letter right now from me in front of me right now here signed by the belonging group what the contractors but what's important is not that they signed I was signed by Malanda better signed by the government official who right now runs the militant group that says the following so devil Learning Group would like to assure it said the economic company that remains committed to the completion of the yet the project and this guy's gotta be sensitive who is right now is always running the show in the militant group also add to that the New York Times article which was full of false information add to that also also what certain the Forbes by having Forbes you know taking all Saudis completely from the list which any was wrong any to begin with you know Bloomberg this is a lot better and more credible and there's certainly there's a lot of rumors in window heresy and lies on both sides left which is deliver left me that's the the CNBC and knock times and unfortunately and right on the right also is the is easy or sea journal and the Forbes and unforced also on the center the BBC so all these really just began writing a lot of fake news and now I'm being to understand what President Trump scenes by saying fake news so now I'm begin to understand what he means by that so I give you with you mr. Trump it's not the fake news around there so you feel you need to speak out to what to clear your name - because you've been maligned no no you know I need to clear my name number one and to clear up a lot of the lies for example when they said that I was tortured I was sent to a prison you know during my 83 plus days in in the in the ritz-carlton hotel and all these were lies I stayed all time there I was never tortured actually we were given the best service to be honest with you about the Saudi government frankly speaking doctors used to come twice a day we had the best first service best food best everything the witness of you saw so really it hurts me to treat to hear all these rumors and innuendos and heresies your highness you're one of only two people out of hundreds detained in the ritz-carlton to speak publicly so why aren't more people talking well you know look Saudis are shy in general even pretty rich era tell me who in the Saudi Business Committee used to talk publicly and go in the international arena not much frankly speaking they are much of them are localized or at best they are regionalised so really in my case I I have a lot of connections with the Western media Bloomberg and others and that's why you know since long time I've been public in what I say so so it is not really that much strange and weird that none of them talk because they didn't talk in in the in deep in the pre year rich era so why would they talk in the poster rich other but I will encourage them to Frank speaking although some of them did talk publicly and actually some of them issued videos talking about very religion and publicly about about what happened in the Ritz and all denied any I mean I think of this torture that that's been circulating now all over the place take me back to the night of November the 4th you were at your desert camp yes then what happened actually you were there a week before remember that I was so I was in desert I received a call just around 3:00 4:00 a.m. in the morning by a high-ranking government official who was my friend and said that the king and the crown prince would like were likely to be to come to the royal palace for a message from the higher authorities which the king and the conference so I said for sure you know I am a member all family and I obey rules and obey instructions of my king and my crown prince so immediately I left with my with my car to to the Royal Palace I was met there by the comet officials I was told that that the Kings ordered the crown prince's wish is that I I I go to the ritz-carlton hotel for for some discussions and talks about certain matters I said I welcome that you know I'm in my country and whatever is asked from me I accept and obey so we we just left to the ritz-carlton with a actually huge motorcade I never been a motorcade like this in my life you know so we went there and we were with with whom I I went with the I don't I don't with the would they would be with the person who invited me to be there so we went there and we were welcome there and we were given the suite over there until discussions began with the government did you have any reason to suspect that there would be a round up or that you would be part of it and frankly speaking or no no at all but when I was called that I've got see four o'clock in the morning clearly I thought it's vaguely something different and something is not not usual he doesn't happen every week no yeah you know I you know I whenever I got the King or the King asked us to to meet me it's usually early in the night but please Muhammad me Salman the Crown Prince you know he stays lay it's almost one of ours he works like me you know almost continuously so really I always expect calls from him even late at night and we always text and communicate and very late related at night and early in the morning when did you find out that you would be staying at the ritz-carlton for much longer than you thought and tell me what went through your head at that moment well strange enough because the first time I knew but one it was reporting Bloomberg because over there we had all the channels obviously and blooming grows among them so it was reporting Bloomberg that some Saudis were detained some government officials and some members royal family and I met him appeared many of appeared he actually was the first one appeared there so III knew what what was developing at that time it was the same night okay but you're in the hotel at what point did you realize I could be here for days I could be here for weeks a house that when when when did you figure that out no really you know Frank is being look I'm very nationalist I'm very patriotic and really I took it very easy frankly speaking when I was there I just I really felt at home and that's very strange to say frankly speaking you know I'm in Saudi Arabia all right so and I was the ritz-carlton and clearly I knew that it's going to take some time there's only finish quickly because I read that this was a very much anti-corruption oriented project but I felt comforted because I just view myself what went wrong I said and there was nothing in my life that that that directs me to into any financial dealings or corruption that could be against me so I was very much at ease now clearly I'm very much anti-corruption person because they can look at my tweets in the last three four years they were pretty much oriented against against against corruption and I did name very specific cases and in my tweets so how's that is I was comfortable that eventually I'd be vindicated and things will be terrified why were you arrested in the first place well I will not use the word arrested because frankly speaking we were we were invited the king's house and then asked to go to the res Carlton so it was done with very much honor dignity and and and and and and with the our prestige was maintained very well not only me frankly speaking everybody else so so and we were there obviously for 83 days until the whole matter was resolved and then I left why not use the word arrested though if you were held against your will well look if this arrest or the so called arrest culminated in an accusation or in incrimination then yes daughter's could should be used but when you are when you are vindicated and left and kept free and right now we are in communication with the higher four other authors in the government with the can that's my picture with the king you know after I left and I'm a continuous communication with Prince Mohammed bin Salman and his people I will not consider arrest so the word arrest is fairly used for those who did commit a crime admit their guilt exactly and and reach settlement with the government but in my case you know it's a bit much it's very much different frankly speaking so there were never any charges will you ever accused of anything there was no look I cannot dwell into what happened but there was no charges for sure because you know I've finished responsibility to my shareholders in Kingdom holding to my friends in Saudi Arabia and toward community and to the entire community the banking industry to the business community in the world to the buffets of the world to the baguettes of the world to the blank finds of the world to the corpus of the world's etc because you know we have international investments all over the place so it's very important to say that there was zero acquisition and zero guilt from myself you've described the whole ordeal as a misunderstanding a misunderstanding over what could that was in the Reuters meeting the Reuters meeting happened somewhere between 10 11 o'clock p.m. on the night before I left because I left around 11 o'clock on demonic so there was 12 hour gap here I believe I that me being at that detention was Christmas and standing because I don't belong with there frankly speaking and I told him I don't belong there because I know I'm the only one who's no member of the government and not an error although a member all family but not member of the government among all those Prince's so and thanks God I was that memory comment because I didn't have any chance to be corrupted and thanks I know I'm anti-corruption person completely honest a misunderstanding because I believe I should not be there however right now after I left I would say that that I've been vindicated yet I have to acknowledge you for the first time is that yes we do have with the government a confirmed understanding going forward what does that mean it is a very confidential I cannot get into that but there is a confirmed understanding between the government of Saudi Arabia between the Kingdom Saudi Arabia and me personally does that require you to do certain things not necessarily it just i cannot dwell know that because it's confidential and secret between and the government but the rest assured that this does not really handcuff me does not have handcuff Kingdom holding it does not handcuff our operations but not handcuff my my private semi-private private office affairs and does not handcuff my my return operation and my ability under his operation completely you so we have four entities are a separate independent kingdom holding a Lutheran trophy's my private office and Ratana this understanding arrangement that you have with the government was your exit from the ritz-carlton contingent on your agreeing to do not necessarily that's you in the petition of it no not necessarily is look there was a dialogue between me and the government there's a discussion between me and the higher authorities without naming names but this is the culmination of all this discussion that we had and they took you know along around 83 days to really keep discussing and you know and I was at pushing frankly speaking you know I'm not pushing to leave I'm not pushing to to just exit the whole thing fast I told them that look I'm a Saudi Arabia I'm in my territory you know I'm not being detained in downtown Tehran or downtown sana I am in my territory so I'm happy I'm not I mean I would rather be outside I'm not gonna come and tell you I would rather be inside for sure that will not be that would that be fake news if I say that you so I wanted to be out but yet I'd say I'm not a rush I'm not gonna be out soon later so whether it's 83 days or hundred days on twenty days I'll be out eventually because - ship would the government Saudi Arabia and the king was my uncle and mr. Mohammed Samaras my cousin is ideal and and perfect during and after the process so this is not a settlement it's an agreement is it a signed document as well yes we signed something but it is yes it's so signed but it is really a based on mutual understanding between us why were you in the ritz-carlton for so long well you know you have to us as the government not me frankly speaking you know I don't believe I belong there at all so you know I'm also almost always an agreement with with my government but not sell it all the time for example I give advise the government in certain incident and certain cases and sometimes listen to me and sometimes I don't it's like they give me advice on certain things and I listen sometimes sometimes I don't so is it there's an interaction between me and the government or continuously now on that particle subject I don't believe should be in there yet I'm there I respect the government I accept what they said and I'm under the support of Saudi Arabia under the king and conference what did the government want from you did they ever make that clear well you know I will not dwell into the discussion that took place between me in the gap between me and they come to Saudi Arabia and through with the representatives they must have wanted something though no I read well I read what's written what was written you know that they want a chunk of a or B or C of what I have you know and this was all rumors according to one report it was six billion dollars oh yes at sixteen dollars I did more than that less than that I'm standing though you know frankly speaking you know all these are rumors but I will not dwell into the arrangement which mean in the government did it cost you anything to leave I will not comment on the content of the agreement between me and the government no but what I'm asking is did you have to pay the government any money did you have to hand over any land you know did you have to surrender any share when I say it's a confidential and secret agreement an arrangement that is based on unconfirmed understanding between me and the gumbo Saudi Arabia have to respect that and look look I am Saudi citizen right but a member old family you know the king is my uncle happens to mine is my cousin and this is the rule of Saudi Arabia King Abdulaziz you know establish Saudi Arabia correct so my test is really to maintain this Kingdom thus king of Saudi Arabia and obviously my kingdom also and to maintain the relationship between between between me and them and have it a no unscratched completely you understand of course why I'm asking the shorten there are people fellow detainees who signed settlements and paid large fines I want to know whether you're in the same boat or whether you're in a different camp oh look that's why I didn't want to be in that suitcase because some of those people were there I'm not gonna name names but I know the one two three four five six seven maybe maybe quite a bit of them that they really did commit crimes that commit crimes of theft and they were involved in bribes and they were involved in in in stealing funds on the government we all know them very well I know them and I will I'm for having these people there I am for the anti-corruption that took place in Saudi Arabia now unfortunately I was out of that group but fortunately I'm out of it right now and life is back to normal so I'm not the person who's going to come and say you know I forgive i-i-i-i've forgive but I don't forget I say I forgive and I forget the same time also I also want to know if you retain control of your companies whether you're still a 95% shareholder in kingdom holding whether you still own Ratana your media company whether you're still in full control of your personal investment portfolio Lake Ness you do look I'm a kingdom holding I'm the chairman obviously you know I I did give the power to our new CEO Tony Mann more than a year ago and also I empowered the elite front of his lead over there to manage the process I'm a private office and Ratana so they all have been empowered long time before I went to the Ritz I'm really Sherman like it only shame Frank speaking of all of them and they all functioning as usual even when I was in tension they were still functioning and there is blessing in disguise really it was a conclusive proof that all these operations were thus Kingdom holding or their will turn on trophies or my private office or Ratana they're functioning as long as possible even my end my absence but are you still the controlling shareholder look very simple very simple method you can go look Kingdom holding is being propagated in Saudi Arabia and so there is part of g20 and our stock market is very transparent actually very as transparent as United States so please you can go to the to the to the list of holdings and you look there how much is my holding there you know you can see it's 95 percent so you go there you see what is right now and you can verify that independently your royal highness you maintain your Ennis you say that you didn't sign a settlement acknowledging guilt and that you are different if you will from a nobody nobody signed if confirmed understand yes and I say we have signed something yes confirmed understanding I don't call the settlement now some others may call settlement I don't call segment because settlement to me is an acknowledgment that you made a wrong you made something wrong in my case no it's a confirmed understanding with the government you realize of course how important it is to be candid and short honest with me about this that's why I'm with you now because the circle of knowledge is too wide too many people know too many things and if all of a sudden a different story emerges your credibility children will suffer children so everything we're saying you bet everything you've told me is 100% true I have a confirmed understanding of the government and it's ongoing now I recover I elaborate on that it's an ongoing process with the government tell me about the Ritz Carlton what was it like inside well you know it for you yeah it was it was a well built hotel obviously and there was opportunity for me really to compare the service inside you know the room service the laundry the operator the phone operator service and etc and compare it with their with their without ran for City because they have that competitor trying to speak and I say to my friend is he Bill Gates and cascade who are you know 50% ownership or force agency you achieve don't worry no one computer does ritz-carlton is a good hotel but they they know for season at work so really I thought you I put them with the Sheraton sand into Continentals and the end the meridians of the world you used your time in the ritz-carlton to conduct comparative analysis sure you have to use your time efficiently besides watching Bloomberg how did you spend your time well a good question yeah you know I'm very much exercise oriented I'm very much you know I'm vision so there's a lot of you know I really divide my time into into a lot of sports a lot of walking a lot of meditation a lot of watching news a lot of praying you know because I was in and that one big sweet but I really arranged my time in a very efficient manner to really to utilize it best to to to my to my to my benefit what was the typical day like yes typical day is that I used to sleep at 6 o'clock in the morning after praying the fire the fire I used to play it with Mecca with the Mecca and the the holy mosque over there around sleeps six seven o'clock and then wake up around noon I used to exercise for maybe an hour an hour and a half and then I divided my meals usually I have two wheels only they but over they I divide them in six six mills very small meals so really I cut the time so I divided into six small meals and then you know we prayed five times obviously and the dollars exercises and what are the news obviously you had access to television toys papers - oh you had access to everything every every completely so no one on the outside knew what was happening inside but those of you on the inside knew everything about what was happening exactly exactly exactly exactly and I and and that's why the I was able to get information about the so-called torture because all the security guards there used to be just to come to me are they my friends and the doctors and they all tell me everything getting best service you know they used to come twice and three times a day but the for medical treatment because I'm more old you know so they had to be treated so really when I hear about this torture I just Britten line not only on me on others also not only me on others so you were not harmed - mistreated in any way not one iota to be honest I have to honestly nothing at all and that's when I saw the BBC interview with this guy and saying I heard the cell and it was Skype anyway I wasn't the prince was tired you know he's a blatant lie it's brave like maybe I could sue them I should look into that she was sue BBC maybe get to get some money from and your sir and give it to charity you're certain that nobody else who was at the ritz-carlton suffered anything akin to abuse torture wasn't even roughed up let me tell you to be very transparent with you I can confirm that none of them was treated badly anonymous was tortured however maybe someone tried to run away or to do something crazy maybe he was he was maybe put down and controlled maybe maybe but for sure there is nothing called systematic torturing at all where did you sleep I slept in the indigestion and then not in a big suite I stepped in small room yeah because it had to through two rooms one big presidentials room and one for the adjacent for the secretary I used to sleep in a small room why because I like small rooms as small rooms and plus over there it was easier to make it dark completely because I cannot sleep at all if it is some light and that room easier to make a dark so no truth whatsoever to the reports that you were in some kind of a detention cell come on this is okay I was never I never left the ritz-carlton I never was tortured and I look I read about the report that they got an American team special team for torture it was fun eating and the city's thing you know it just never happened you know I was always in the ritz-carlton never left that hotel were you allowed to walk the grounds oh yes yes I used I was allowed to walk and swim and and to walk around my suite yesterday we were allowed to talk to other detainees no no no you couldn't communicate with each other no no no to two people in two people in less cotton used to talk to each other no at all no even my kiss I'd not see anyone I'd not talk to anyone you were allowed to make some phone calls yes to whom and under what conditions yes no really they were open but you know I used to make my circles to to my son to my daughter over stats and my granddaughters obviously and I used to talk to to to the heads of the companies like for example they had the CEO of Kingdom holding they had my private office and the the secretary of my foundation and to the seniors of my of my companies but age to really be brief because really things were functioning normal were those calls being monitored most likely yes most likely I know I don't have a confirmed information about that but most likely the Warriors most likely and they confiscated your cell phone no my phone was in the car at night ticket you didn't take you know there wasn't the car I see my car my phone and my my my my my private bag was in the car you were vegan and you observe a very strict diet yeah so what did you eat yeah yeah it was a bit difficult to educate them for for example the soup used to have some butter and Andy so it took me some maybe 24 hours to really educate them and tell them I want the tomato soup to be natural and for example all my food to be without any any animal stuff but it worked well it worked well how did you educate them you don't just by calling for example the head of the waiters just come to me and to tell him to take extraction what I want for example you know I like desserts and there was a very difficult from tu-tu-tu-tu-tu 20 factor and make the desserts for him with with with Splenda the dyed sugar so so believe it or not I was very much there eating having as dessert the mövenpick strawberry ice cream very strange our brand moment become strawberry a strawberry not ice cream sorbet because ice cream sorbet does not have any any any any animal stuff although it has some sugar so exact rifice that so I did say hey I have some sugar but I increased my the doses of my exercise a little bit what was it like your Royal Highness being held captive by your own cousin mmm frankly speaking it was not easy you know I have to confess that it's not easy to be to be held against your will in a rotation but I used to say you know look this your uncle does your country and this is your cousin Prince Mohammed and really when I left very strange feeling I had and I met with all I gathered all the seniors of my companies and all my clothes the confidence and I told them I swear to I have complete serenity complete comfort and no grudge and no bad feelings at all I'm sure enough within 24 hours after I left we're back in communication you know with the Kings office with the crown prince and his people and that's very strange situation by the way not easy for that but it's a fact and that's because what that's because you simply had to move forward no look I'm a nationalist I'm pathetic I believe in my country look this country has been established by the Al Saud woods you know by my great-grandfather's the first time is the the first state unlikely used war dynasty but the first state was established 1744 and then it crashed its class in 1818 and then the second state came around 1824 and then crashed again 1889 and then King ablai is my grandfather who came and opens Riyadh in 1902 and established out a.m. in 1932 this xx was done and established without blood without grandfather's blood so I'm not going to come and have this this irritation that happened to me you really and I'm fifty creative and debt and me against my my uncle my cousin and my nation and my people in this country did you see Prince Muhammad or King Salman at any point while you were in the ritz-carlton no during this custard attention no I'd not see any of them but I was indirect that contact through their people yes so I had a few representatives that goes to the portal directly so the discussions that you had were with whom I cannot reveal the names but there were very close confidants I cannot give the names it's just not it's not that I am not supposed to it's not confidential but I would rather give the same but there were three competence of directly King Salman and Prince Mohammed bin Salman and they report directly to them officials in the royal court it officially are in the royal court yes is there anything you're not allowed to do now or you have to do differently as a result of having been there frankly speaking nothing at all if you can look at you've been with me and you can look at the ask the people around me and almost to do nothing we are back to normal can you travel yes sure I can actually heard the rumors that I can i trouble my son contra my daughter can travel you know actually my son just came back aces from Jordan he came here and he's leaving tomorrow so yes we can travel my son can never my daughter can't a lot of rumors here there have been reports that some people who were in the ritz-carlton now have to wear ankle bracelets yeah well I mean I don't see one I know I mean III don't know about this ankle bracelet I don't know do you do you know whether the government is monitoring your whereabouts oh no I'm not worried about that Frank speaking because and your bank accounts you know I know every normal normal every normal everything is only Frankie speaking you know everything's back to normal completely what about Ryan actually when I when I left I went to I went desert I went to look at the football match you know I'm very back to Rome with Frankie speak I met the you know I had my images that you know about where you meet thousands of Saudis you know everything's back normal what about your profile domestically or internationally would that have to change no but but you know some some you know thanks god man if the companies I deal with and many of the banks I deal with you know they all be in touch with me and I'll a take this opportunity to thank many heads of state in Europe my name is States and Arab world many have stays in in the in in the Far East and many excited states the United States really for caring about me and being a touch my office and with me after I left and during my my detention I really thank thankful specifically you know Warren Buffett Bill Gates you know Lloyd Blankfein of Goldman Sachs Corbett of of City and you know President Carter they checked in on you always and actually Bill Gates issued a press release about me so I really appreciate please and I missed some a lot of my friends II but I have no time to just to mention all the names so I really appreciate what they did all those in the political arena nationally and internationally and the Misses community also so I will thank them for for the for they care about me and say I will never let you down what about now does the government want you building and maintaining these relationships with heads of state and CEOs of multinational companies I mean when I left there was zero conditions on me zero condition which means to me life as usual actually since I left I've been in touch with many Perry heads of states many other states and in your in the Middle East talking to thank them and frankly everything's normal yes your highness you're looking for foreign investments and so is the public investment fund Saudi Arabia is sovereign wealth fund yeah doesn't that put you in competition oh for sure not actually actually since I left we are now in touch with the government to to be involved many further projects for example they have the big project in the Red Sea we're gonna have multi type resorts actually four-season was invited to be there we also invite it to be in the and the other project in Riyadh where you're gonna have I gonna have a huge and the famous Center you know Disney type so because we are involved in hotels were involved in a media and entertainment so we're invited so no no no no at all no competition we complement each other you know we see right now the division fund that's gonna that this would mr. son of of Japan and we are very much invested in investors in many companies new JD dot-com and China would lift in America twisting America and Karim in the Middle East and right now to confirm to you that we are in the questions discussion right now certain companies in the United States for certain deals so no we are not in competition where we complement each other can you tell me more about these negotiations over deals that your I hope you can do it very soon but you know we are under secrecy's and we are confidential agreements I cannot tell you but we are negotiating right now certain these now with certain company United States if you choose or if you become involved with this resort in the Red Sea or the entertainment complex that's being built in Riyadh this will be by choice or this is part of your ongoing relationship you are very smart Eric no this has nothing to do with any conditions we do it because because actually we're invited the first season to invest in the first season in in in desert see even for the detention but right now we are just continual discussion no we do it because it helps hear all those Kingdom holding it helps IRR and ROI return investment an IRR what about co-investment will the public investment fund in Kingdom holding or perhaps Ratana or perhaps Prince Alwaleed in his personal account invest together a very good question yes and this will happen we are in discussion right now with pif on certain projects to be so we can co invest in certain projects domestic projects or international venture no we are talking domestically first to begin with on aren't you speaking the the discussion right now is on domestic in the domestic arena what kinds of investments might those be well I told you it's unlikely at the four seasons minority and okay there's nothing nothing beyond that no no no no but we are in dr. on it now we are in talk with the pif and the government about investments joined investments together now and still not developed yet and I can't they're well known that they dwell into that because there is no nothing fruitful no not nothing final yet but we just want the government yes you have the deepest longest and most successful track record as a foreign investor of any Saudi I'd have to believe will there be an opportunity for Kingdom holding or Prince Alwaleed and the pif to co invest abroad well sure I mean we are always open for discussion for investments you know most of our investments if not all our investments are with partners like for example I just mentioned you the four seasons in the brand in Canada we want to joint you Bill Gates and that's you know the biggest hotel brand and the most luxurious seven star brand in the world so yes most our investments are are are are based on co-investments so we welcome the investment pif and right now we are in discussion pif for certain investments you know in in locally will you invest in a on the futuristic city that Prince Mohammed wants to build in the north you know now new home is still in the design phase yes and the government's now is going to build the infrastructure once it's going to take one two to three years and obviously then they are proposed to the local community business opportunities for sure and we are you know we are open we are investors and we and November and in the last year Kingdom holding was the biggest investor locally we invested 1.6 billion dollars in the in the Saudi French bank we bought a stake from cred I recall in France 16 percent around 1.6 billion dollars and we we injected around 4 billion the real the in the local community in Billund in the highest ice tower in Jeddah and other projects so we invested three billion dollars last year and in locally here in Saudi Arabia and that will continue that will continue we're continuing for sure your highness this whole ordeal has affected your reputation people will still believe no matter what you tell me today that because you were in the ritz-carlton you must be guilty of something or crooked perhaps surely you must realize that sure look when you are detained for sure some of the business community some of the banking community will say they will have one doubt of one iota of doubt for sure that's my job right now to interact meet with all of them individually or jointly or go or go through a a good reporter like you and say my story understand it's not gonna be easy at all the course is gonna some banks and some business some people mr. committee will be doubtful would say what's going on however I assured them that Avenue is normal that means back to normal and and that we are functioning as we were before and we welcome them to come here to see what we were doing in Saudi Arabia and life is back to normal how will you know if it is or isn't affecting your business and investment opportunities I know because I met a lot of businessmen who are in touch with us and the banking community the banking committee is the very important barometers and we met most of them and we're still meeting some of them they all reacted their position of trust and confidence in us and said we are ready to well it'd be good to continue with you as was the case before how do you fight the impression of guilt by association well use the term guilt by association I would like to be more positive and say illnesses by association and I give one example the closest man who was detained is parameter staff who is with X Minister of Finance who was my son's mother managers daughter the guy went out of detention and he was respected by the Saudi government but the King Salman I'm Haman Salman and he's back in the mystery of and the council ministers not only that he headed the ministerial come a committee that went to Davos to resent Saudi Arabia so really so out rather than saying goodbye Association I would say innocence by association I like to compare myself to him whereby he left he was vindicated back in council ministers and he added the the committee to to Davos I like to be considered like similar to him actually many people have the the detention moon isn't and there give him back all the rights completely it would surely help if the government said I will II did nothing wrong it was a misunderstanding he paid nothing to leave he remains a Saudi citizen in good standing that hasn't happened all these points were covered in the in the end the confirmed understanding agreement with me in the government see I cannot dwell into that and the government do not dwell in that I understand but you have to agree surely that if the government if Prince Mohammad perhaps or some other government official were to say would to affirm everything that we've discussed today that would help no I look the fact I'm speaking to you right now and I'm saying Oh everything truth in honestly and the fact the government is not receiver he is wrong in what he's saying it's an approver than I'm saying correct so let's do it differently the I'm also thinking about the fact that your son and your brother were both appointed to government positions during or after the time that you were in the ritz-carlton yes correct my son Hallet was appointed the head of a Sports Federation during my detention and the discussion with my brother to be appointed the the deputy governor of Aesir a certain province province was also the the discussion began when I was in tension so these are two proofs also that laterally my case was a bit different others because you don't appoint the brother and the son of a man who easily stamped of the full corruption the Crown Prince Prince Mohammed is touring the West he's meeting President Trump at the White House and he's trying to attract capital to Saudi Arabia given your experience in the ritz-carlton how good can you feel about presenting a common front with the government the very same government that put you in the hotel oh look I'm support supporter of Saudi Arabia so both are supporting my government support of King Salman and Prince handsome man all the way I mean before during and after the attention is it is no one out of doubt about that and I would support Saudi Arabia but could smite this my country people will find that hard to understand I understand because they don't stand that talking to a person who is member all family you know these were my disguise my cousin this guy is my uncle and this guy is my grandfather and these are my sons are my daughter's not gonna do this here so I'm part the South the community here I'm part of it it's you know it's like a United States do you think that Paul Ryan always agrees do with Trump present Trump and they are same party right disagree sometimes even Pelosi of the House Representative and the Schumer of the Senate disagree also they are democratic party right so we are one party one party the key in ruling family of Saudi Arabia and you know this country was was established with the blood of Al Saud on a disease specifically and you know I'm not about to really move from that front whereby I am full support of Saudi Arabia understand the sound we've two people say you've been detained by the king and the crown prince and yet you are still supporting them I say you bet sir I'm but I'm supporting them wholeheartedly and complete freedom and liberty you've spoken to other investors you've spoken to other CEOs what do they say well you know Frankie's made most of them really add you know I just picked all of them I spoke me if some of them called me some of them I call them and they are all back to Roman frankly speaking and you know I didn't talk to many may be few but you have to wonder how comfortable they will be putting capital in Saudi Arabia after seeing what we might call the ritz-carlton method of dealing with disputes yeah well you know I mean they have to decide that but I can't talk on my behalf I can assure you I can tell you business as usual we're gonna invest in Saudi Arabia we're going to need investing in Saudi Arabia you know I was born in Saudi Arabia and I was gonna I'm gonna die in Saudi Arabia and that's my nation forever we reported in Kingdom Holding confirmed that your company is seeking to raise something in the order of billion dollars in debt what are you gonna use it for yeah the kingdom now is actually is raising between one to two billion dollars of debt because we do have some cash obviously at Kingdom holding but you are now looking for the second deal for us in the morning yes you know last year as you know we did few few big deals and this year eight thousand 18 although the market right now in our state's we see it is just you know this is somehow I'm not saying overvalued but the prices are not where we wish them to be but we would like to get some firepower ready for us and yes I think we are on the verge of getting the one to two billion dollar financing facilities so you're you're thinking about a deal of what sighs oh I mean we really do any deal but you want to three billion dollars and in what industry well look we are holding company and we are in 13 industries correct and we're open we are open we're open now I have heard that you're working with Goldman Sachs yes yes the goldman sachs actually and you know I thank mr. blank fine personally for the support in the previous deal at one point six billion dollars to buy this Credit Agricole stake in their Saudi French bank and right now we are working through them and others also to find a look at some other this for Kingdom or deal holding what is in the region where the saundra national regional internationally would you consider ever restructuring kingdom holding to make it a little bit easier for people outside Saudi Arabia to understand in other words taking perhaps the domestic projects and the domestic real estate and turning it into a REIT and then the other investments that you have remain say in the kingdom holding structure yeah you know you are not only an astute reportedly astute businessman also that's exactly what our CEO is doing see of coming the money right now is thinking of leader divesting the the local local part of South the kingdom holding which will enjoy a REIT possibly and they're gonna be in it in the estate even with the tower and all our our local Holdings so it is it is ongoing and we already have an ongoing discussion right now in that particular situation would you say that's the plan that's that's what's likely to happen it is the current plan yes how long will that take I don't know it's gonna take some time because they're still developing that matter but our CEO is anything in these terms yes and what percentage of Kingdom Holdings assets do you figure would end up in the reach very close to I mean I almost half half half half oh it's almost roughly so the other investments in hotels for example the investments in media for example the investments in financial services that would remain inside Kingdom also correct tell me a little bit more about the projects underway in Saudi Arabia we talked about what you might do on the red sea we talked about what you might do in the entertainment center but you have some very large projects currently underway the Jeddah economic City for example where you're building the one kilometer high tower is that still eating oh yes the one one killing with the tower is proceeding all right now we are almost one-third done of it and see they see that a civic development that's part of the 5.3 million square meter development and that's only phase one of it because it will be the anchor for the other investors to come because everybody everybody likes to be associated with the highest highest tower in the world there's going to be one kilometer plus this will finish around around two years we are a bit late but it's going to finish in two years but once finishes then then all the development around the tool will be what about you gonna have hotels even have hospitals clinics schools you know other stuff and the first and the big infrastructure was signed and for sexual deal was signed just a few months ago by our CEO here why is it behind schedule it because been Ladin to contact the face some difficulties not because of the not because of he was detained and then there it's but because he had some you know you know they had this begins in the mecca with the big crane fell and they killed a lot of people so this really a big hindrance this operation for four outs a year or two so and that the fact operation with us but right now they're back on track they're moving actually the government right now owns this taken them and that's how I told you when I told you that the that the the the the Sherman that committed right now is a point where the government Saudi Arabia The Wall Street Journal reported that the government has been interfering in the tower project diverting resources away and toward naome the city in the north yeah you know it's a pity that this came from most external this kind of rubbish talk and I repeat rubbish talk should not come for tea worsted journal you know that belongs to mr. Murdoch Empire you should come from a tabloid you know in in some other country they say these are just rumors lies and and and in Windows and heresies not true that's complete for statement plus our top we finish in two years and I think neomu not need construction for to use from at the begin with anyway and plus the expertise that neon needs which is live a high-tech robot oriented as Prince Mohammed bin Salman said the expertise they need is very much different than a typical classical concrete steel old-fashioned construction these are two different subject completely and I'm tell you what Street Journal now became a tabloid in these articles tell me about vision 2030 this is Mohammed bin Salman grand plan I think it's fair to call it a grand plan for the transformation of the Saudi economy and Saudi society you remain supportive oh yes actually you know mr. Mittleman really who I'm supported completely even before became Crown Prince I was for supporting because his vision you know really took a lot of my ideas but frankly speaking he multiplied them you know my head you know I have some service on wealth fund the idea I talked about our uncle going public and I CRO accorded the nuclear option you know women's rights woman incorporate in society women driving all these things I called for and he did that are more than that by the way you know it adopted what I said but he did ten times better than what I asked for and that's why I'm commanding it I'm commanding I'm supporting it because he is really establishing you know the new Aaron Saudi Arabia and I really every time I text my same Prince your thinkers from the 12th century to the 24 21st century thank you how often are you in here in contact barely three days come without me texting or texting or calling him or talk to me barely three days happen you and he talk almost every three days Lucy I think I say we text a lot with text a lot but you talk in or less frequently but barely who it goes without us communicating basis three days thick end without us to communicating how would you describe your relationship you not no one believed it after I left it is not only a strong stronger and this is shocking to many people even to my people not only to you I told them manage him right now Bruce under Salman this guy is not only as strong as before stronger and this is shocking to many people you've forgiven him Inessa forgiven I forgot Unforgiven the whole process complete it's behind me completely completely what do you think the biggest challenge is he's going to face will be what he's trying to do is not easy and I told them what he's doing is not an evolution it's a revolution not evolution at all that a revolution on the social front on the chemical front on the business front and the financial front and now in the political front I mean the mission is undertaking huge and you know King Salman is supporting or what is doing hundred percent so what's happiness on right now Saudi Arabia is tremendous its is unbelievable it's incredible and it's a revolution in the making and any person who does not support what miss Muhammad Sarah is doing right now I consider him as a traitor yes and I said that pre rates during rates after it's so it is not really after its situation that see periods and I told him that and I told others that you have to support them because what's doing that now is complete transformation now I'm telling you there will be three errors sure not everything another league only linearly because you have to also hear the the pulse of the people and see how much change they want and how much the receptive they have to change but but it's happening fast do you think you'll be successful in taking Aramco public look before going to put around who I say he has to be successful because there's no other chance for Saudi Arabia because the last two years of you know last year's of King Abdullah's era Saudi Arabia was really was just you know going the wrong track you know King am the lost man kill and I loved them and had very good elation with him but the last year is era we had very bad relationship because I was asking for a lot of things social reforms economic reform particular forms in the cop initial forms and they were not accepted but right now I'm hamster man easily doing all these reforms and more and yes I think we have to it has to be successful as for Aramco I really I'm favor of it and I like to talk about lick and and this 5% is really is the beginning only no one talks about it by the way so you have to understand that if you go five percent that's the most difficult part of it because then then then it becomes becomes market becomes a marketable security so if you go five percent girls go another five percent and if I present again and again and that's easy money to get very fast for Saudi Arabia because money Saud Reba needs the money and the cash now in the next two three four years because then when all the new the the VAT tax when the increase in fuel prices then resistive prices and and all the other taxes mention the system and we have a lot of funds to thin footage down the line so young goddamn crank but having probably go go public at now is very important holiday and I'm supporting it what if Aramco can't achieve a two trillion dollar valuation should the government wait well the price of Aramco is a function of the price of Aramco tudi of the price of oil today and the cash flow coming in the future so clear the more confidence that is that the price of oil remain in this 5670 range the more you can get the trillion dollars and that's why South turns out the labor at now is cooperating with Russia in spite of disagreeing on the political front for example like in Syria you know that's why they cooperate him because also Russia has a benefit in having price will go up because they are very much depend on oil like us at least for now so if it doesn't go for two trillion dollars I think the government has to decide at that time and prince hamad this man has to decide if from 1.5 trillion or 1.75 0 trillion is as good at 2 trillion but i'm support of the thing going public whether it's 1 point 5 or 1 point 7 5 0 or Oh 2 trillion dollars so in other words fetching a valuation of 1.5 trillion dollars is pretty darn good ok I prefer to trillions obviously and I think that 2 $3 is it's not impossible but we're all depend on the price of oil today and the cash flow in the future coming from oil you have a lot of experience as an investor the crown prince is putting a lot of expectation let's say on the public investment fund the sovereign wealth fund what will it take for the pif to be successful well the the mission of the DPF now has been enlarged a lot yes a lot of a lot of Saudi assets being put there into it and this be it's going to be a huge conglomerate obviously and there's also responsibility there because they're gonna be also invested in the infrastructure of neon and the Red Sea project and the entertainment project and Rehab so they're gonna be they're gonna take he undertake a huge mission although although have invested in this project that may not get emitted and squid cash flow then invested also in some others that will get a good cash flow and invest in the vision fund also so really the sponsor the NDP an MPF is equally huge some people wonder if the pif is exercising enough discipline on its investments for example the valuation almost 70 billion dollars at which it bought into over the twenty billion dollars is giving Blackstone for infrastructure the forty five billion dollars it's giving Softbank for the vision fund what do you say well look you know the EPF thinking it's a bit different then and our thinking as in businessman no in our case it's entry point very important IRR i but I think in the case they want some of the investments are you know political implications some of them are really to create the constant stable cash flow so they are a bit different and then just the business community your Royal Highness you've had your differences with President Trump you had what some people described as a Twitter war when he was a candidate how would you say he's doing his president yeah let me just elaborate this on this I will not say an argument with might say what the skirmish you know I mean he is I said to Twitter to tweets because of his attack on Islam at that time but remember that all these attacks were just taken out from his website so not man we are back to normal and frankly speaking all his policies that the term policies were very favorable thing in the morning because most of our investments in I states have went up 30 40 50 percent so we really benefit a lot from the drug policies because of the tax code even before the tax cut but the tax cut really was the machete on top the cream whereby just caused everything to go you know euphoric so really some did help us as how the investors in our case and I'll tell you something very important away you know when we had this skirmish with the with Trump and I would say this is secret I'm the Sandman called me I say my cousin my friend please stop with the support of Trump because this guy me president one day United States and his and his his prediction was proving to be right do you agree with if you agree here's here's here's that here's the question here's really what it comes down to because your position is not all that different from that of other CEOs if you approve of Trump's economic and business policies because they benefits you and they benefits your shareholders can you overlook the things about his agenda that you don't like sure I mean look I'm not an American citizen and I'm not about to interfere in your affairs but clearly I'm very close friend the United States and I have a lot of stake in the business and the business investment arena in that state so unisys as it's very important for me tonight seems to be stable and to be a functioning pretty well so clearly Trump is a very non-conventional president very unconventional president it's very unique in what he does and it's the same time for the Prius public for US Congress with his house presentative or the or the Senate and even his party to really adapt 202 to his is a new way of of moving in his presidency do you think he's doing a better job managing relations with states in the Gulf region and then President Obama there's no comparison I mean look I'm private citizen that's where I can speak publicly right now now if you speak to any government official he maybe cannot talk like me but for sure I mean Obama with all respect yet there's no policy toward the Middle East at all I mean Trump has a policy towards the Middle East I mean he is very much a lie to Saudi Arabia you know he knows the danger I was with you an interview Chicago we remember when I said that enemy number one with Lee of the Arab world is not Israel is Iran and you know many people Middle East were upset from me right now look who's enemy number number one off of a the Gulf region especially this one because of its hegemony because of its its wish to control the Arab the other Arab nations through surrogates in Iraq in Syria in Yemen in Lebanon and even in Gaza where they are they were in collusion with the with the Hamas over there so yes I believe that the term policy is very much in close thinking to the Gulf region and Saudi Arabia specifically and I think the ratio of that missile and the king bringing salmon has with Trump is ideal and is good for interests of Saudi Arabia and stability of our region politics and diplomacy are exceedingly tricky and complicated in this part of the world do you think President Trump and his speciality is senior advisor Jared Kushner have a real shot at Middle East peace well I can only hope that are successful because Lilly although now we don't hear much about the Palestinian situation and the clash between Israel and Palestine you know we all share but about other stuff you know Iran Iraq and Isis etc but I think that it's very important to to to finalize an arrangement or an agreement between the Palestinians and the Israelis as quickly as possible and I really hope that Jared can can pull this through

Channel: Bloomberg Markets and Finance

Views: 1,660,746

Rating: 4.3943028 out of 5

Keywords: Bloomberg, Prince Alwaleed, Saudi Arabia, Ritz-Carlton, interview, BusinessWeek, Crown Prince, Middle East, detention, corruption, business, Jeddah Tower

Id: 8zNOY7EcsMg

Length: 63min 5sec (3785 seconds)

Published: Tue Mar 20 2018