KIRKLAND, Wash.-Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud of Saudi Arabia invested $200 million cash in Teledesic L.L.C., the “Internet-in-the-Sky” satellite communications venture of primary investors Craig McCaw and Bill Gates.
Alwaleed, a billionaire nephew of Saudi Arabia’s King Fahad, said, “I’m attracted to Teledesic not only because of its compelling business plan, but because it has the potential to change the world for the better.
“I share Craig’s vision of bringing the most advanced telecommunications services to the entire world, particularly to parts of the world-including the Middle East and Africa-that wouldn’t get that broadband capability any other way.”
Teledesic plans to use a constellation of 288 low-earth-orbit satellites to provide worldwide access to telecommunications services, such as linking enterprise-computing networks, broadband Internet access, videoconferencing and other digital data services. The company was licensed by the Federal Communications Commission in March 1997 to build, launch and operate a global, broadband satellite communications network.
“Prince Alwaleed’s ability to foresee coming trends in a host of fields, including technology, makes him an ideal partner for Teledesic,” McCaw said. His “stature and relationships in both the Middle East and around the world will serve us well as we work together to make available-for the first time-low-cost, global broadband communications.”
Alwaleed recently made headlines when his $590 million investment in Citicorp, made in 1991, grew to be valued at more than $7 billion following the announced merger between Citicorp and Travelers Group Inc. He is Citicorp’s largest individual shareholder.
