"Prince Alwaleed's ability to foresee coming trends in a host of fields, including technology, makes him an ideal partner for Teledesic. People worldwide have begun to understand that where the prince goes, opportunity follows," said McCaw, 48. McCaw and Microsoft Chairman Bill Gates are the two primary investors in Teledesic. "Prince Alwaleed's 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."

Known as a savvy investor with a global perspective, Alwaleed, 41, says he decided to invest in Teledesic because he shares McCaw's vision of an advanced telecommunications network that will provide high-speed data connections to businesses, institutions and individuals everywhere on Earth -- regardless of location.

"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," Alwaleed said. "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."

Alwaleed, who manages his business operations from a high-tech office in Riyadh, Saudi Arabia, has made major investments in Citicorp, News Corp, Apple Computer, Four Seasons Hotels & Resorts, Motorola Inc., Netscape, Trans World Airlines, Saks Fifth Avenue, Disneyland-Paris, Daewoo, Hyundai Motors, the George V Hotel in Paris, the Plaza Hotel in New York, the Four Seasons Hotel in London, the Copley Plaza Hotel in Boston, the Fairmont Hotel in San Francisco, the Canary Wharf real estate development in London, Mediaset, Saatchi & Saatchi, Donna Karan International, Planet Hollywood International, Norwegian Cruise Lines, Arab Radio & Television and other international businesses. Forbes magazine last summer named Gates and Alwaleed the two most successful entrepreneurs in the world.

Alwaleed, the nephew of Saudi Arabia's King Fahad, made headlines last week when a $590 million investment he made in Citicorp in 1991 became worth more than $7 billion following the announced merger between Citicorp and Travelers Group Inc. He is Citicorp's largest individual shareholder.

Using a constellation of 288 low-Earth-orbit satellites, Teledesic will create the world's first network to provide affordable, worldwide, "fiber-like" access to telecommunications services, such as linking enterprise computing networks, broadband Internet access, videoconferencing and other digital data needs. Backed by McCaw and Gates, the Teledesic Network will provide two-way, broadband network connections through service partners in countries worldwide. The private company is based in Kirkland, Wash., a suburb of Seattle.

In March 1997, Teledesic was licensed by the Federal Communications Commission to build, launch and operate a global, broadband satellite communications network. In April 1997, Teledesic named The Boeing Company as the prime contractor for the design, construction and launch of the Teledesic Network. In November 1997, Teledesic cleared its last significant regulatory hurdle when the International Telecommunication Union's 1997 World Radiocommunication Conference finalized its designation of international radio spectrum for use by non-geostationary fixed satellite services, such as those Teledesic will provide.

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CITY (UPI) Mar 08, 2004