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Many of his investments within Saudi Arabia may have an important and intended social impact outside the immediate control of the government. For example, his plan for a 4,000-student private school, Kingdom Academy, which will put emphasis on English and technical subjects, will give Saudi students a welcome alternative to government institutions that are strong on religious education. Another project will further cement Alwaleed's stature: the 30-story Kingdom Center, the tallest skyscraper in the Middle East, scheduled to open in downtown Riyadh in 2000. Associates say he is too busy making money to try jumping the queue of royal succession, but he hasn't ruled out becoming a political force.
Like a politician, Alwaleed does all the right things. In accordance with zakat, the Islamic call to charity, he operates an elaborate aid program that dispenses $200 million a year to needy families in Saudi Arabia and other Islamic countries.
Where does this Arabian Warren Buffett think of investing next? East, it seems. His investment in News Corp. is based on a hunch that Murdoch's empire can grow by leaps and bounds in Asia. Says the prince: "Liberalization of media and entertainment in China and India will have a tremendous boost on News Corp. shares." Motorola is already in China. Earlier this year, Alwaleed made a 15-nation scouting trip through Asia and placed his first direct investment, taking a piece of the Shanghai Trade Center, which will be the tallest skyscraper in the world when it is finished.
Alwaleed believes the Far East can be hot for at least two decades, but he'll also turn his attention to Africa, which "needs everything." But he says he will not stray from the formula that turned $15,000 into $12 billion. "I would like to be viewed as this investor from the middle of the desert, who comes and adds value to companies," he says. "I get a kick out of finding industries that have spectacular potential. I look for companies that have solid brand names and sound management but are dirt cheap." As the prince can tell you, those bargains can really add up.