Should MM Lee buy A380 private jet?
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Now that Prince Alwaleed is buying a personal A380 jet, should MM Lee also have one?
Saudi Prince Purchases His Own Airbus A380 Superjumbo (Update1)
By Massoud A. Derhally and Andrea Rothman
Nov. 12 (Bloomberg) -- Prince Alwaleed bin Talal, the Saudi billionaire who is Citigroup Inc.'s biggest individual investor, agreed to buy a $319 million Airbus SAS A380 superjumbo, becoming the first private customer for the world's biggest aircraft.
The purchase was announced by Toulouse, France-based Airbus at the Dubai Air Show today. Alwaleed, ranked the world's 13th-richest person by Forbes magazine, flew in from Saudi Arabia on his Boeing Co. 747. Fitting out the A380's interior may cost ``several hundred million,'' Airbus said.
Surging oil prices have helped boost sales of private jetliners in the Middle East. The double-deck A380, which seats 525 people in a standard airline configuration, can house three bedrooms, private lounges, bathrooms, offices, a steam bath and exercise machines in a so-called VIP set-up, according to Deutsche Lufthansa AG's maintenance arm, which may outfit the plane.
``It's conspicuous consumption taken to a new height,'' said Doug McVitie, managing director of Arran Aerospace, a consulting company in Dinan, France. ``The VIP end of the market is growing steadily and manufacturers are actively looking for business as these aircraft are now shop windows.''
Sales Target
Airbus, the world's biggest maker of commercial aircraft, expects to sell about 20 VIP versions of the A380, it said today. Alwaleed's aircraft will be delivered in 2010 and will be powered by Rolls-Royce Group Plc Trent 900 engines. While the superjumbo has a list price of $319 million, the actual amount he will pay was not disclosed.
The European planemaker began offering a business variant of its 124-seat, single-aisle A319 in 1999. Since then, annual VIP sales have doubled and the company has added larger models such as its A330 and A340 widebodies.
About 80 private aircraft had been sold by Airbus as of last January, Richard Gaona, vice president for executive and private aviation, said at the time, adding talks were ongoing with two potential A380 customers. Airbus expects to sell 30 to 35 VIP planes a year, with the Middle East accounting for as many as 40 percent of them, he said.
Private aviation in the Middle East, the world's third- largest market after the U.S. and Europe, may grow 10-12 percent annually, doubling in value to about $800 million by 2012, Ali al-Naqbi, chairman of the Dubai-based Middle East Business Aviation Association, said Jan. 11.
Citigroup Stake
Alwaleed first invested in Citigroup, the world's largest bank, in 1991 and his Kingdom Holding Co. has a 4 percent stake worth at least $6.5 billion, according to data compiled by Bloomberg. Like Berkshire Hathaway Inc. Chairman Warren Buffett, the Saudi prince built his $25 billion fortune by taking holdings in undervalued brand-name companies.
A nephew of Saudi King Abdullah, Alwaleed began investing after graduating from California's Menlo College in 1979. A year later, he received a $300,000 loan from Saudi American Bank, which was run by Citicorp, according to his authorized biography ``Alwaleed: Businessman, Billionaire, Prince,'' written by Al-Jazeera International host Riz Khan.
In 1991, the prince invested $590 million in Citigroup predecessor Citicorp, which needed cash as it struggled with Latin American loan losses and a collapse in U.S. property.
To contact the reporter on this story: Massoud A. Derhally in Dubai, United Arab Emirates, at [email protected] ; Andrea Rothman in Toulouse, France, at [email protected]
Last Updated: November 12, 2007 09:14 EST -
If he can afford it then it's his personal problem..However if he can afford it, it's a serious problem to us
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I am sure he can lah...I think Airbus might even give him one for "free" in exchange for business with SIA..Originally posted by kramnave:If he can afford it then it's his personal problem..However if he can afford it, it's a serious problem to us -
Originally posted by Gazelle:I am sure he can lah...I think Airbus might even give him one for "free" in exchange for business with SIA..
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I think this correct the statement....Originally posted by kramnave:If he can afford it then it's his personal problem..However if he can't afford it, it's a serious problem to us -
I stand by my statement. Splurging US$319 million of his personal wealth on a Jet would be a very serious matter. If he can afford to spend that much on a toy, we need to find out where that money came from.Originally posted by hloc:I think this correct the statement.... -
Prince Alwaleed purchase comes from Saudi Airlines confirmed an order for 20 Airbus A320. Hence Saudi Airlines might actually be subsidizing the prince's private jet.Originally posted by de_middle: -
that correction is done for a reason.....Originally posted by kramnave:I stand by my statement. Splurging US$319 million of his personal wealth on a Jet would be a very serious matter. If he can afford to spend that much on a toy, we need to find out where that money came from. -
He is the 13th richest man in the world and its a personal jet.Originally posted by Gazelle:Prince Alwaleed purchase comes from Saudi Airlines confirmed an order for 20 Airbus A320. Hence Saudi Airlines might actually be subsidizing the prince's private jet. -
and so MM should also cash in on the fact that SIA are ordering A380sOriginally posted by Gazelle:Prince Alwaleed purchase comes from Saudi Airlines confirmed an order for 20 Airbus A320. Hence Saudi Airlines might actually be subsidizing the prince's private jet.
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Speculation is of no use. Facts areOriginally posted by de_middle:that correction is done for a reason..... . -
Anyway he will never buy it. He is already against purchasing a jet for government to use.
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and where does all the wealth come from in the first place? Have you forgotten his last name is Al Saud?Originally posted by kramnave:He is the 13th richest man in the world and its a personal jet. -
Sorry Bro.... I more worry if he CAN"T afford it, then where will the money comes from......Originally posted by kramnave:I stand by my statement. Splurging US$319 million of his personal wealth on a Jet would be a very serious matter. If he can afford to spend that much on a toy, we need to find out where that money came from. -
We are not a monarchyOriginally posted by Gazelle:and where does all the wealth come from in the first place? Have you forgotten his last name is Al Saud? -
Originally posted by hloc:
If he can afford it, where the money came from ? If he cannot afford it and purchases it then where would the money come from...LPPL
Sorry Bro.... I more worry if he [b]CAN"T afford it, then where will the money comes from...... [/b] -
If he can afford it.... it is money he had... Err, ''Earned''.... before my time.Originally posted by kramnave:If he can afford it, where the money came from ? If he cannot afford it and purchases it then where would the money come from...LPPL
If he can't afford it, that means my GST and Tax will rise again, and soon.... -
I thought he would jail anyone for corruption for such exchange. Is there another law for himself when he accepted the position as advisor to Citibank.Originally posted by Gazelle:I am sure he can lah...I think Airbus might even give him one for "free" in exchange for business with SIA.. -
he could doesnt mean he would.Originally posted by robertteh:I thought he would jail anyone for corruption for such exchange. Is there another law for himself when he accepted the position as advisor to Citibank. -
If Singapore is Saudi Arabia or Brunei, let our king have his jet as he likes even with people's monies.Originally posted by Gazelle:he could doesnt mean he would.
If not then it is a different thing altogether. Outfit the SIA for his own medical use people will object and cry foul. -
Buy one for what?
LKY can always borrow one from SIA. -
I'm sure they'll use the A380 for future official trips...Originally posted by mancha:Buy one for what?
LKY can always borrow one from SIA. -
sweeeeet.... in the air.... anything goes liaw! THE ULTIMATE PARTY SCENARIO!
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this time I cannot support you liao gazelle,Originally posted by Gazelle:Now that Prince Alwaleed is buying a personal A380 jet, should MM Lee also have one?
you seem to implying that a public servant got too much money to spend ah?
jialat liao ler.
bonus cheong kong liao.
gazelle jiabahbosaibang ah?
next time, i support u ok ? not this time hor.
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biy liao let people say
he where got so gong