Raffles up for sale

Prince Alwaleed of Saudi Arabia has put the prestigious Raffles Hotel in Singapore up for sale

It seems that even the megarich are trying to save some cash as the 22nd richest man in the world, Prince Alwaleed of Saudi Arabia, is reported to be trying to sell his stake in Raffles.

Alwaleed’s Kingdom Holding Company (KHCis seeking a buyer for holding company Fairmont Raffles Hotels International despite the depressed state of the property market.

The prince may even be prepared to sell his stake in the company after incurring heavy losses on his investment in Citigroup, where his 3.9 percent stake makes him the biggest individual shareholder.

Alwaleed’s wealth has declined to $13 billion from $21 billion over the past year, making him the 22nd richest man in the world, according to Fortune magazine.

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