Dubai: Saudi billionaire Prince AlWaleed Bin Talal has become the owner of the world’s largest and world’s most expensive private jet.

Bin Talal, listed as the fifth richest man in the world, signed an order for the (list price $319 million) Airbus A380 "flying palace" at the Dubai Air Show on Monday.

He becomes the first customer for the VIP version of the double deck airliner.

The prince flew into Dubai on Monday lunchtime in his current plane, a Boeing 747, before signing the deal for the Airbus at 1pm.

The plane will be clad in the livery of his company Kingdom Holding and will be delivered by 2010.

John Lehey, from Airbus said they were currently talking to royal families in the region about orders and they they expect to sell around 20 of the super luxury super jumbos worldwide.