A man for all seasons: the most-voted-for person our 'World's 50 most influential Arabs' poll was Prince Alwaleed of Saudi Arabia, who talks here to Pat Lancaster.

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Since returning to Saudi Arabia in 1979 after completing your studies in California, you have been instrumental in helping change the face of Saudi Arabia. What are the major developments you have witnessed, or been involved in, over those three decades?

During that time we have witnessed many changes running over the course of six five-year development plans. The country has changed dramatically and substantially.

Saudi Arabia has changed a great deal on the political, economic, financial and business fronts. However, if there is one area in which it is still lagging behind, it is in the social development sphere. One of the areas in which we continue to advocate change is in the role of women in Saudi society. The role of ladies in Saudi society is changing, but it is not as fast as one would have hoped. Nevertheless, if we compare their status now with that of 30 years ago, there has been considerable advancement on that front. Still, I would like to have seen ladies in our society becoming considerably more productive.

So you would have preferred to see more progress made towards gender equality?

For sure. Any society that does not fully incorporate 50% of its components in its development cannot really be performing to its full potential.

The world is facing a global credit crunch from which no one seems immune. Recent international press reports have made much of the losses incurred by yourself and Kingdom Holding. Can you put the record straight on this for our readers?

I will put everything on the record for you right now. I can assure you that what you have read in newspapers is inaccurate. At Kingdom Holding, I would say, things are very much under control and I can say this with conviction. Remember that Kingdom Holding has been operating for 30 years. Clearly, our investors have been affected by the recent crisis. There is no doubt about that. However, Kingdom Holding is now on a very strong footing. If you look at its leverage and loans, everything is very much manageable and under control.

And the rumours published in the British press that there are plans afoot to sell off the Savoy Hotel? Can we quash those here and now?

Yes, I totally refute that. And, I am announcing here and now, and for the first time, that Prince Andrew, son of Queen Elizabeth, when he was on a visit to Saudi Arabia, generously offered to join me for the reopening of the the Savoy in several months' time. The Savoy is not for sale. It is under renovation right now and will be the best hotel in downtown London when it reopens. The hotel is a landmark and a jewel. There is only one Savoy in the world, just as there is only one George V in the world, one Plaza in the world and one Raffles in the world.

How would you say Saudi Arabia and the countries of the GCC will weather the storm?

There is no country in the world, including those of the GCC, that has not been impacted by the world economic crisis. However, the impact on Saudi Arabia has been minimal because, as you know, even though we have felt the headwind, there is a lot of tailwind behind us. We are still an oil-producing country, and even though the price of oil has dropped from $100 a barrel to around $50 right now, our budget was based on a barrel price of around $45.

The operations of Kingdom Holding are clearly diverse and you personally are involved in other, charitable and philanthropic, work. Is there any particular area that you find especially fulfilling?

Kingdom Holding is involved in a number of areas. It is involved very aggressively in the hotel industry--on the management side and in real estate. On the management side, we are in partnership with Mr Bill Gates in owning the Four Seasons brand; we are also owners of the Fairmont brand, the Raffles brand and the Swissotel brand. As you know, Raffles is very strong in the Far East and now Fairmont, which is very strong in North America, is moving into Europe, and very specifically with the Savoy Hotel in London, which will soon reopen.

We are very strong in real estate. In Saudi Arabia our projects include the two biggest schemes under way in Jeddah and Riyadh. One of those--in Jeddah--encompasses the tallest building in the world, announced a few months ago. We are also involved in financial services in Saudi Arabia, as well as through Citibank in the United States. We are involved in industrial projects with investments in National Industrialisation Company (TASNEE). We are also strong in the media, regionally and nationally, and through Rotana in the music and movie industry.

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We are heavily invested in News Corp in the United States, owner of, among others, Fox, BSkyB and The Times newspaper in England. We are also involved in aviation industry through NAS, the biggest privately owned airline in Saudi Arabia. We also have wide interests in Africa through our private equity arm Kingdom Zephyr. On top of that, we also have an investment portfolio which operates all over the world. It is truly a very diverse portfolio.

As for charity, we do have the largest and the most active foundation in the Middle East, the Alwaleed bin Talal Foundation. Its activities span the Middle East and indeed the whole world. It is very heavily involved in a variety of philanthropic fields and is deeply engaged in attempting to bridge the gap between the Islamic, Christian and Jewish faiths.

You are personally committed to developing a greater understanding between East and West. Do you think that world governments are doing enough to break down the ignorance that exists between the religions and peoples of these regions?

I think all governments, Saudi Arabia and the United States included, are doing a great deal, but more work is needed at the grass roots level. Obviously, governments work from the top down, but what we need to do is to work from the bottom up. That is what we are doing at a number of universities and, hopefully, we will meet the government efforts halfway. We have invested hundreds of millions of dollars in these attempts to bridge the gap between both areas. We are also funding centres at a number universities in the United States, United Kingdom, Europe and the Arab World: Georgetown University, Harvard University, University of Cambridge, University of Edinburgh, University of Exeter. We also funded an Islamic Arts wing at the Louvre in Paris. We attempt to inform the West about our culture and society and we also inform and educate our part of the world about Christianity and the West through centres at the American University of Beirut (AUB) and the American University in Cairo (AUC).

Your own business enterprises cross continents and many people have speculated that the next natural step for you would be to enter politics. Is this a scenario you envisage?

You have to understand the unique position I am in. I am a member of the Saudi Arabian royal family and I am very close to the King and to all the senior princes, who are my uncles and cousins. I am extremely happy with what I am doing right now and before this I contributed heavily to the advancement of Saudi Arabian society and the economic situation of Saudi Arabia.

So, whether I like it or not, what I am doing right now in business runs parallel to, if not adjacent to, the political agenda that exists here in Saudi Arabia right now, where business, politics, finance and economics are all converging together.

Without question you are an inspiration to many people across the world. Who, if anyone, is an inspiration to you, or where do you draw your inspiration from?

It's a good question, but because I am engaged not only in business but also in philanthropy--charity, you name it--there is no single role model for me who is involved in all the things I am attempting to do.

However, if I were to look for role models, I would look to my two grandfathers. One of them was King Abdul Aziz, the founder of modern Saudi Arabia, and the other, my maternal grandfather, Riad El Solh, the first prime minister of Lebanon and the godfather of Lebanese independence. Unfortunately, both of them died before I was born, but I have read about them and their unique achievements.

But I have no living role model in this world. I draw inspiration from nature, from the desert, which I love, as well as from any place that has snow, and I am also inspired by the ocean. I am very much at ease with nature, its freedom, liberty and openness.