Teledesic LLC, which is building a global, broadband "Internet-in-the-Sky," today announced that His Royal Highness Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud of Saudi Arabia has invested $200 million in the telecommunications company through family trusts. The self-made billionaire finalized his cash investment in Teledesic late yesterday afternoon during a signing ceremony with Teledesic Chairman and co-CEO Craig McCaw at the Four Seasons Hotel in Los Angeles.

"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.