Update 2 | Billionaire Saudi Prince honoured for planned charity work

Billionaire Saudi Prince Al-Waleed Al Saud is spending the day in Malta today where he will receive a Republic Day award for charity work he plans on doing, sources told MaltaToday. The Saudi Prince also plans on "spending the day looking at investments".

He was made Honorary Companion of the National Order of Merit for his good intentions to carry out charity work. Described as the most influential Arab businessman and the richest Arab in the world, Al-Waleed has carried out philantropic work in 83 countries and has shown keen interest in helping Malta.

Al-Waleed a billionaire business magnate, investor and philanthropist, is a member of the Saudi royal family.

In March 2013, Forbes listed Al-Waleed as the 26th richest man in the world, with an estimated net worth of $20 billion. He has disputed this valuation and filed a libel suit against the magazine, saying that his wealth was of $26 billion. In December 2013, Bloomberg estimated his wealth as $30 billion.

The 59-year-old divorcee has a Bachelor of Arts/Science from Menlo College, California and a Master of Science from Syracuse University, New York.

Through his Kingdom Holding Company, Prince Al-Waleed owns large stakes in Rupert Murdoch's News Corp, Citigroup, hotel management companies Four Seasons Hotels & Resorts, Movenpick Hotels & Resorts and Fairmont Raffles Holding, as well as hotel real estate such as the swanky Hotel George V in Paris and a stake in the Savoy Hotel in London. In 2012, the Prince and his investment company bought $300 million worth of Twitter shares; which are now worth upwards of $1 billion.

The 2013 Forbes article also described Prince Alwaleed's marble-filled, 420-room Riyadh palace, his private Boeing 747 equipped with a throne, and his 120-acre resort on the edge of the Saudi capital with five homes, five artificial lakes and a mini-Grand Canyon.

On Republic Day, each year the President of Malta pays public tribute to a number of Maltese citizens who distinguish themselves in different fields of endeavour, by appointing them to ‘The National Order of Merit’ or to the ‘Xirka ġieħ ir-Repubblika’, or by awarding them the ‘Midalja għall-Qadi tar-Repubblika’.

Malta also pays tribute to foreign nationals who have distinguished themselves in different fields of endeavour, in the enhancement of international relations or who have earned the respect and gratitude of the people of the Maltese Islands.
 
This year's Investiture Ceremony took place this morning at The Palace, Valletta  following the customary Ceremonial Parade held at St George’s Square.

During the Ceremony, the President of Malta, Marie-Louise Coleiro Preca, appointed ten Maltese nationals to The National Order of Merit and awarded the ‘Midalja għall-Qadi tar-Repubblika’ to ten individuals. Two of these awards were made posthumously. Moreover, two foreign nationals were appointed to ‘The National Order of Merit’ on an honorary basis.   
 
In addition, thirty-seven members of the Armed Forces of Malta were awarded the ‘Distinguished Service Medal’ (DSM) in recognition of their distinguished and exceptional role in dangerous operations in the Central Mediterranean Sea to save life at sea and rescue people in distress during 2014.