Hasn't Prince Alwaleed bin Talal been called "the Oracle of Arabia"? I see AOL is trading under it's book value, may have to buy some at these prices.
9/17/2001 1:11:00 PM
09-17 0476 UPDATE 2-Saudi prince says will not sell any holdings
(Updates throughout)
By Ghaida Ghantous
DUBAI, Sept 17 (Reuters) - Saudi billionaire Prince Alwaleed bin Talal said on Monday he would not sell any of his shares following last week's terror attacks on the United States, which he condemned as "heinous crimes".
"The American economy is solid and I am not selling anything. I will not sell any of my shares in any company," said Prince Alwaleed who is known for his high-profile international investments in media, banks, hotels, computers, autos, real estate and technology.
The prince offered his condolences to the American people for the attacks that killed thousands and decimated the world's financial heart. But he said he believed the U.S. economy was "sound and resilient" enough to withstand any jitters.
U.S. stock markets reopened on Monday after a four-day shutdown, the longest since World War One, and stabilised above their lows after initially falling about five percent following a major sell-off.
Anxious investors have been spooked by the risk of a global recession following Tuesday's attacks, by possible U.S. military retaliation and by a weakening economy.
"It would be very foolish and a big blunder to sell at this time. With deep regret for all that has been going on, there is a great opportunity to buy at this time," Prince Alwaleed told Reuters by telephone.
"My horizon is five to 10 years. It will be a bumpy ride for worried traders with a one-month horizon... Those with a five to 10 year horizon, if they invest today they will not be sorry," said the prince whose net worth is estimated at $20 billion.
Asked if he was still interested in the possible sale of Itay's power group Enel (ENEI) and oil and gas giant Eni (ENI) , the prince said: "We are studying all the opportunities in the pipeline."
Prince Alwaleed met Italian Prime Minister Silvio Berlusconi in Rome late last month and discussed privatisation plans for Enel, Europe's largest listed utility, and Eni.
The prince said he expected efforts to jumpstart the U.S. economy would bear results in the last quarter of the year.
"Years ago when I placed my confidence and hence my investment dollars in the U.S. stock market, I did not act emotionally," the prince said.
"I believe over the next few days, investors should refrain from selling. Panic is only going to hurt those who do not understand the mechanism of the U.S. economy," he added.
The prince's U.S. investments include $9.65 billion in Citigroup (C) , $1.1 billion in News Corp ADR (NCP) , $932 million in AOL Time Warner (AOL) , $534 million in Four Seasons Hotels and Resorts ADR (FSH) , $314 million in Apple Computer (AAPL) and $300 million in Compaq (CPQ) .
Rtr 13:11 09-17-01 Copyright 2001, Reuters News Service |
