Through his Kingdom Holding Company, Alwaleed co-owns the Savoy Hotel with Lloyds Banking Group.

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"These allegations are completely and utterly false, " said the statement from his investment firm, Kingdom Holding Company.

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The funding in question is from an investing concern called Kingdom Holding Company , the largest company in Saudi Arabia.

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The prince's Kingdom Holding Company, whose shares are traded on the Saudi stock exchange, owns stakes in hotel groups including Four Seasons and Fairmont Raffles and is a part-owner of the Savoy Hotel in London.

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"We have worked very openly with the Forbes team over the years and have on multiple occasions pointed out problems with their methodology that need correction, " Shadi Sanbar, chief financial officer of Kingdom Holding Company, which the prince owns, said in a statement.

BBC: Forbes list understates my wealth, Saudi prince says

His fortunes, and the underlying value of his Saudi stock exchange listed company Kingdom Holding Co.

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But Kingdom Holding said Monday that the company is progressing with its two significant real estate projects in Jeddah and Riyadh.

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Kingdom Holding also owns a stake in the Fairmont Hotels management company.

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In addition, Kingdom Holding has stakes in News Corp. ( NWSA), Apple ( AAPL), and the management company for the Four Seasons Hotels.

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The company is slated to be added to the FTSE 100 index on May 25, according to the Kingdom Holding release.

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