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Saudi prince loses $4b this year: report
(Agencies)
Updated: 2008-12-15 09:36

A Dubai-based magazine is reporting that the high-profile billionaire Saudi prince investor in Citigroup lost $4 billion of his net worth over the past year.

Even with the losses, however, Prince Alwaleed bin Talal remains the world's richest Arab, according to a ranking released on Sunday by Arabian Business.

The magazine said Prince Alwaleed's holdings were worth $17.08 billion as of Dec 2. Arabian Business says the figure is based on a direct review of the prince's holdings and a meeting with the man who's been dubbed "the Arabian Warren Buffett".

An official at Kingdom Holding, Prince Alwaleed's investment company, did not immediately comment on the report.