The only son of Saudi Arabia's Prince Alwaleed bin talal Al Saud, the Saudi billionaire, has been named as the new owner and chairman of Italian firm Raimondi Cranes.
In January of 2014, HRH Prince Khaled bin Alwaleed bin Talal, Chairman and owner of Dubai-based KBW Investments, announced the purchase of the Italian company Raimondi Cranes. The heritage crane manufacturer has developed and distributed more than 15,000 cranes worlwide. In a statement, the company said that the acquisition of Raimondi Cranes by Prince Khaled bin Alwaleed bin Talal will enable Raimondi to embark on a growth plan with an estimated investment of US$100m over the next few years. “The acquisition of Raimondi is a key addition to our global strategy, and one in which I take personal pride and interest,” said Prince Khaled, commenting on the development.