While Saudis starve Saudi princess buys $62m estate in Switzerland

A Saudi princess has purchased a historical estate in the Swiss city of Geneva, joining other Saudi royals who already live in luxurious settings in the city.

Princess Latifa bin Fahd bin Abdulaziz Al Saud, daughter of former Saudi monarch Fahd, bought the 18,800-square-meter estate for $62 million (57.5 million Swiss francs), media reported.

The purchase price for the property is the second-highest on record in the city. The daughter of Kazakh President Nursultan Nazarbayev, Dinara Kulibayeva, holds the current record after she bought a property on the posh southern shores of Lake Geneva in 2009 for 74.7 million Swiss francs.

The Saudi princess bought the estate from the wealthy Nordmann family that co-owns upscale department store chain Manor and the maker of Lacoste clothing.

The estate once belonged to Gustave Ador, who served as Swiss president early in the 20th century.

Princess Latifa, who lives in the nearby municipality of Cologny, has reportedly said that she is committed to preserving the estate’s heritage.

Statistics show that about 40 percent of the Saudi people live below poverty line while the country’s oil revenue is estimated to reach $300 billion per annum, according to experts.

Saudi Arabia is home to some 29 million people but the lack of fair distribution system of welfare has left many Saudis in poverty.

More than 10 million of Saudi nationals earn less than their basic needs and routine expenditures.