Prince Al Waleed bin Talal says he plans to retain his stake in Apple, which he says is still rolling out products developed by the late Steve Jobs.
The Saudi Arabian billionaire first invested in Apple in the mid-1990s, when shares in the company were worth less than $10. They are now trading at more than $630.
Prince Al Waleed, speaking at the Forbes Global CEO Conference in Dubai (video here), said that he is "sure" that he will keep hold of his investment in the company.
“For the next year or so we’re still going to be living with the legacy of the projects that came under Steve Jobs,” he said.
“What they’re doing right now is really the legacy of Steve Jobs, even the new mini-iPad that will come imminently.”
The Saudi Arabian investor said Mr Jobs was keen on taking on the consumer electronics market early on, and even considered taking over the Japanese technology giant Sony.
“[Steve Jobs] was thinking of taking over Sony one time. No one knows about that,” said Prince Al Waleed. “He had a decision about taking to the consumer industry a long time before we had the iPod, iPhone and iPad.”
Prince Al Waleed last year invested $300 million in the microblogging site Twitter. He also holds stakes in Citigroup, News Corp and Rotana Group.
Twitter said last March it has 140 million active users - and this is set to grow quickly, according to Prince Al Waleed. “The objective of Twitter is to reach half a billion users in the next 12 or 24 months,” he said.
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
AT A GLANCE
Windfall
An “energy profits levy” to raise about £5 billion in a year. The temporary one-off tax will hit oil and gas firms by 25 per cent on extraordinary profits. An 80 per cent investment allowance should calm Conservative nerves that the move will dent North Sea firms’ investment to save them 91p for every £1 they spend.
A universal grant
Energy bills discount, which was effectively a £200 loan, has doubled to a £400 discount on bills for all households from October that will not need to be paid back.
Targeted measures
More than eight million of the lowest income households will receive a £650 one-off payment. It will apply to households on Universal Credit, Tax Credits, Pension Credit and legacy benefits.
Separate one-off payments of £300 will go to pensioners and £150 for those receiving disability benefits.
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
US federal gun reform since Sandy Hook
- April 17, 2013: A bipartisan-drafted bill to expand background checks and ban assault weapons fails in the Senate.
- July 2015: Bill to require background checks for all gun sales is introduced in House of Representatives. It is not brought to a vote.
- June 12, 2016: Orlando shooting. Barack Obama calls on Congress to renew law prohibiting sale of assault-style weapons and high-capacity magazines.
- October 1, 2017: Las Vegas shooting. US lawmakers call for banning bump-fire stocks, and some renew call for assault weapons ban.
- February 14, 2018: Seventeen pupils are killed and 17 are wounded during a mass shooting in Parkland, Florida.
- December 18, 2018: Donald Trump announces a ban on bump-fire stocks.
- August 2019: US House passes law expanding background checks. It is not brought to a vote in the Senate.
- April 11, 2022: Joe Biden announces measures to crack down on hard-to-trace 'ghost guns'.
- May 24, 2022: Nineteen children and two teachers are killed at an elementary school in Uvalde, Texas.
- June 25, 2022: Joe Biden signs into law the first federal gun-control bill in decades.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Company profile
Name: JustClean
Based: Dubai with offices in other GCC countries
Launch year: 2016
Number of employees: 160+ with 21 nationalities in eight cities
Sector: online laundry and cleaning services
Funding: $30m from Kuwait-based Faith Capital Holding and Gulf Investment Corporation
The specs
Engine: 4.4-litre, twin-turbo V8
Transmission: eight-speed auto
Power: 617hp
Torque: 750Nm
Price: from Dh630,000
On sale: now
The specs
Engine: 4.0-litre twin-turbo V8
Power: 640hp at 6,000rpm
Torque: 850Nm from 2,300-4,500rpm
Transmission: 8-speed auto
Fuel consumption: 11.9L/100km
Price: Dh749,800
On sale: now
Courses at Istituto Marangoni, Dubai
Undergraduate courses
Interior Design; Product Design; Visual Design; Fashion Design & Accessories; Fashion Styling & Creative Direction; Fashion Business; Foundation in Fashion; Foundation in Design
Professional courses
Fashion e-Commerce & Digital Marketing; Fashion Entrepreneurship; Fashion Luxury Retail and Visual Merchandising
Short courses
Fashion design; Fashion Image & Styling; Fashion Trend Forecasting; Interior Design; Digital Art in Fashion
More information is at www.istitutomarangoni.com
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
