Al-Waleed began his business career in 1979 after graduating from Menlo College.
He returned to Saudi Arabia, which was in the midst of the 1974–85 oil boom.
Operating from a small, four-room cabin in Riyadh and $30,000 start-up money provided by Prince Talal, al-Waleed formed Kingdom Establishment in 1980.
When that money ran out in a few months, he secured a $300,000 loan from the Saudi American Bank, partly owned by Citibank.
Rather than taking a commission for facilitating contracts as the legally required middleman, Al-Waleed insisted on a stake in the project.
His first success was in 1982, partnering with a South Korean construction company, and from then on, his commissions were used to fund his real estate deals.
In his own words, "All the money I used to get from this construction I would plough back into real estate, and in the stock market, both."

After the end of the Saudi oil boom, Al-Waleed acquired the underperforming United Saudi Commercial Bank (USCB).
Through mergers with Saudi Cairo Bank (SCB), forming United Saudi Bank (USB), and the Saudi American Bank (SAMBA), it became a leading Middle Eastern bank.
The hostile takeover of USCB in 1986, the merger with SCB in 1997, and the merger of USB with SAMBA in 1999, were the first of their kind in the Kingdom.
He then secured a majority in Al-Azizia Panda, merging it with the Savola Group, and took over National Industrialization Company.

By 1989, his net worth was $1.4 billion, and included stakes in Canary Wharf, Four Seasons Hotel Group, and News Corporation.
When Al-Waleed turned to the international market, he focused on "established brands going through hard times," as Riz Khan puts it.
Al-Waleed would do his homework, and then wait for the proper purchase entry point.
He invested about $250 million in Chase Manhattan, Citigroup, Manufacturers Hanover, and Chemical Bank.
After seven months, he sold his stakes in the other banks and concentrated on investing in Citicorp, acquiring 4.9 percent of the bank.
Though the worst performing bank of the four, Al-Waleed considered Citicorp had the best potential.

In Sept. 1990, Citibank was undercapitalized due to real estate credit losses and exposure to Latin America debt, prompting a need for a capital reserve.
By Nov. they were actively seeking investors.
Based on his banking experience in the Kingdom, Al-Waleed agreed in Jan. 1991 to invest $590 million, about half his accumulated wealth, in a five-year convertible security paying 11 percent interest.
By Feb., that took his total investment in Citicorp to $797 million, or about 15 percent of the company.
Though he had received a Federal Reserve temporary waiver to own such a large portion of the company, Al-Waleed sold enough shares in 1993 to get below the 10 percent threshold.
Still, he was the largest shareholder in the largest US financial institution at the time.
Yet, in Alwaleed's words, "It is not a relationship, it's an alliance.
We are there forever with them."
Sandy Weill says of Al-Waleed, "I think what he did really saved the bank."

In 1993, Al-Waleed purchased a 10 percent stake in Saks Fifth Avenue for $100 million.
A flagship store was then opened in Riyadh.

In 1994, Al-Waleed secured a 50 percent controlling interest in Fairmont, and a 22 percent stake in the Four Seasons.
In 1995, he bought a 42 percent stake in the Plaza Hotel.
Then, in 1996, he bought the George V for $185 million, and spent $120 million renovating it for a reopening in Dec 1999.
Regarding Al-Waleed's investment in the George V, Issy Sharp states, "...he created value where no one else could..."
Also in 1994, Al-Waleed bought a 24 percent stake in Euro Disney for $345 million.

In 1995, Kingdom Establishment for Trading and Contracting was reorganized as the Kingdom Holding Company, and Al-Waleed announced construction of the Kingdom Centre, Kingdom Hospital, Kingdom School and Kingdom City.
Also in 1995, he bought a 2.3 percent share of Mediaset after haing invested earlier in the Arab Radio and Television Network, acquiring 30 percent.
In Oct. 1995, Al-Waleed joined a co
Al-Waleed began his business career in 1979 after graduating from Menlo College. He returned to Saudi Arabia, which was in the midst of the 1974–85 oil boom. Operating from a small, four-room cabin in Riyadh and $30,000 start-up money provided by Prince Talal, al-Waleed formed Kingdom Establishment in 1980. When that money ran out in a few months, he secured a $300,000 loan from the Saudi American Bank, partly owned by Citibank. Rather than taking a commission for facilitating contracts as the legally required middleman, Al-Waleed insisted on a stake in the project. His first success was in 1982, partnering with a South Korean construction company, and from then on, his commissions were used to fund his real estate deals. In his own words, "All the money I used to get from this construction I would plough back into real estate, and in the stock market, both."
After the end of the Saudi oil boom, Al-Waleed acquired the underperforming United Saudi Commercial Bank (USCB). Through mergers with Saudi Cairo Bank (SCB), forming United Saudi Bank (USB), and the Saudi American Bank (SAMBA), it became a leading Middle Eastern bank. The hostile takeover of USCB in 1986, the merger with SCB in 1997, and the merger of USB with SAMBA in 1999, were the first of their kind in the Kingdom. He then secured a majority in Al-Azizia Panda, merging it with the Savola Group, and took over National Industrialization Company.
By 1989, his net worth was $1.4 billion, and included stakes in Canary Wharf, Four Seasons Hotel Group, and News Corporation. When Al-Waleed turned to the international market, he focused on "established brands going through hard times," as Riz Khan puts it. Al-Waleed would do his homework, and then wait for the proper purchase entry point. He invested about $250 million in Chase Manhattan, Citigroup, Manufacturers Hanover, and Chemical Bank. After seven months, he sold his stakes in the other banks and concentrated on investing in Citicorp, acquiring 4.9 percent of the bank. Though the worst performing bank of the four, Al-Waleed considered Citicorp had the best potential.
In Sept. 1990, Citibank was undercapitalized due to real estate credit losses and exposure to Latin America debt, prompting a need for a capital reserve. By Nov. they were actively seeking investors. Based on his banking experience in the Kingdom, Al-Waleed agreed in Jan. 1991 to invest $590 million, about half his accumulated wealth, in a five-year convertible security paying 11 percent interest. By Feb., that took his total investment in Citicorp to $797 million, or about 15 percent of the company. Though he had received a Federal Reserve temporary waiver to own such a large portion of the company, Al-Waleed sold enough shares in 1993 to get below the 10 percent threshold. Still, he was the largest shareholder in the largest US financial institution at the time. Yet, in Alwaleed's words, "It is not a relationship, it's an alliance. We are there forever with them." Sandy Weill says of Al-Waleed, "I think what he did really saved the bank."
In 1993, Al-Waleed purchased a 10 percent stake in Saks Fifth Avenue for $100 million. A flagship store was then opened in Riyadh.
In 1994, Al-Waleed secured a 50 percent controlling interest in Fairmont, and a 22 percent stake in the Four Seasons. In 1995, he bought a 42 percent stake in the Plaza Hotel. Then, in 1996, he bought the George V for $185 million, and spent $120 million renovating it for a reopening in Dec 1999. Regarding Al-Waleed's investment in the George V, Issy Sharp states, "...he created value where no one else could..."
Also in 1994, Al-Waleed bought a 24 percent stake in Euro Disney for $345 million.
In 1995, Kingdom Establishment for Trading and Contracting was reorganized as the Kingdom Holding Company, and Al-Waleed announced construction of the Kingdom Centre, Kingdom Hospital, Kingdom School and Kingdom City. Also in 1995, he bought a 2.3 percent share of Mediaset after haing invested earlier in the Arab Radio and Television Network, acquiring 30 percent. In Oct. 1995, Al-Waleed joined a co
Al-Waleed bin Talal