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Saudi Prince Buying ‘Flying Palace’ Jet November 13, 2007

Posted by tkcollier in Economy & Business, In The News, Lifestyle.
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Saudi Prince Buying ‘Flying Palace’ Jet
Airbus SAS would not give a specific price tag for the VIP double- decker jet, with its football field-length wings, saying only that it would cost more than the aircraft’s list price of $320 million.

That doesn’t even include the money the prince will spend to custom fit the nearly 6,000-square foot plane to include whatever he wants. The options include private bedrooms, a movie theater or even a gym with a jacuzzi. He’ll also need a flight crew of about 15 to operate the luxury liner.

“Prince Alwaleed is the first, and so far the only customer of this aircraft,” said David Velupillai, the spokesman of the Airbus, which announced the luxury order at the Dubai International Airshow. The prince, who is in his early 50s, appears to have a taste for super-sized jumbo jets. He already is the only private owner of a Boeing 747-400, Airbus said.

It’s all just spending cash for bin Talal—Citigroup Inc.’s biggest individual shareholder and the world’s 13th richest person with assets around $20 billion. As a member of the Saudi royal family, he benefits from the country’s vast oil wealth. But much of bin Talal’s huge fortune comes from his investment firm, the $25-billion Kingdom Holding Co., which has stakes in Rupert Murdoch’s News Corp., Fairmont Raffles Hotels International Inc., Time Warner Inc., Apple Inc., PepsiCo Inc., Walt Disney Co. to name a few major corporations.

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