Billionaire Saudi Prince promises investment in Nepal

Visiting Saudi Arabian billionaire prince Al-Waleed bin Talal has promised investment on airlines, tourism, and heritage in Nepal. Talking to media after his meeting with deputy prime minister Sujata Koirala and six cabinet ministers at Hotel Yak & Yeti, the world’s 19th richest person expressed his interest in investment in Nepal. He is also positive on establishing Saudi Arabia's consular office in Kathmandu. “He is positive on opening consular office to facilitate Nepali migrant workers apart from opening of training centre for Nepali migrant workers," Minister for Labour and Transport Management (MoLTM) Mohamed Aftab Alam said -- quoting the prince -- after a meeting with him at the hotel. Nepal has been urging Saudi government to open diplomatic mission in Kathmandu since last year as it is the second biggest destination for Nepali blue collar workers after being overtaken by Malaysia some years back. Acdcording to the Department of Foreign Employment (DoFE) data, the destination has hired 356,347 Nepali workers in last one and half decade and 15,149 workers this year. However, it is providing jobs to over half a million Nepalis, if undocumented workers also be counted. As many as 67,000 undocumented Nepali women workers were also found working in the host country last year. Responding to minister Alam's urge to provide migrants' rights, the Prince said that Saudi Arabia respects foreign workers. Similarly, the prince has also shown interest to start direct flight between the two countries, according to Alam. The 55-year-old, who arrived in Kathmandu in his private jet on Saturday accompanied by his wife, Princess Amira, and an entourage of aides and bodyguards, is the 19th richest man in the world according to the Forbes magazine. Nicknamed Arabian Warren Buffett by Time magazine, he has invested in several business undertakings including in Rotana Audio and Video Company, Lebanese Broadcasting Center, News Corp, City Group and Apple Ink since he entered into business in 1971. He is also the chairman of Kingdom Holding Company (KHC). The Prince's activities as an investor came to prominence when he bought a substantial tranche of shares in Citicorp in the 1990s when that firm was in difficulties. Later, he also made large investments in AOL, Apple Inc., MCI Inc., Motorola, News Corporation Ltd and other technology and media companies. Al-Waleed, who made his over $19 billion fortune by investing in the banking and hotel industries, is expected to invest in Nepal that needs huge investment to create jobs and kick start economic growth. Prince Al-Waleed also visited Bhutan yesterday afternoon from Nepal and returned in the evening. He is flying back tomorrow. Earlier, he met President Dr Ram Baran Yadav in the afternoon. The president conferred him Maha Ujjwal Rashtradeep honour. A Cabinet meeting in the morning had decided and recommended President Yadav to confer the award on the prince, who is the first to receive the country’s biggest honour reserved for foreigners after Nepal became republic in 2008. DPM Koirala Koirala said the government honoured the Saudi prince to strengthen the bilateral relations. In the evening, before meeting the Prime Minister Madhav Kumar Nepal at his official residence Baluwatar, the prince also visited United World Trade Centre (UWTC) in Tripureshwor.