Saudi billionaire Prince Alwaleed Bin Talal Alsaud met with Nigeria’s Vice President Mohammed Namadi Sambo on Sunday, March 30, at the Prince's office at Kingdom Center in Riyadh to discuss investment, trade and bilateral economic relations between Saudi Arabia and Nigeria.
During the meeting, the Nigerian Vice President applauded the Prince’s remarkable success in investing in emerging economies and commended his philanthropic efforts in Africa. According to a report on the Nigerian State House website, Sambo also used the opportunity to give the Prince an update on Nigeria’s recently concluded privatization of the power sector as well as a rundown of the opportunities available in Nigeria’s infrastructure, energy and property industry. He urged the Prince to increase his investment in the country.
Prince Alwaleed’s investments in Africa are held through Kingdom Africa Management, an African-focused private equity fund. Kingdom Africa’s sole Nigerian investment is $50 million in 2011 in First Hydrocarbon Nigeria Limited, an oil exploration and production company. Prince Alwaleed is currently the 35th richest man in the world with a fortune estimated at $20.3 billion. A large bulk of his fortune lies in his 95% stake in Saudi-listed investment company
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