Saudi's Prince Alwaleed reportedly loses $4 billion in 2008

A Dubai-based magazine reported that billionaire Saudi prince, an investor in Citigroup, lost a billion of his net worth over the past year. Even with the losses, however, Prince Alwaleed bin Talal remains the world's richest Arab, according to a ranking released Sunday by Arabian Business. The magazine said Saturday that Prince Alwaleed's holdings were worth $17.08 billion as of December 2. The figure is based on a direct review of the prince's holdings and a meeting with the man who's been dubbed "the Arabian Warren Buffett," the magazine said. An official at Kingdom Holding, Prince Alwaleed's investment company, did not immediately comment on the report.