Saudi Billionare Buying $1B More Shares
by: it_expansion
Long-Term Sentiment: Strong Buy 09/25/01 01:20 pm
Msg: 256834 of 256835
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Saudi prince to spend $1 bln on US, Europe shares
DUBAI, Sept 25 (Reuters) - Saudi billionaire Prince Alwaleed bin Talal has earmarked four billion riyals ($1.07 billion) for investment in U.S. and European shares after the attacks on the United States, his spokesman said on Monday.
Anjed Shaker said Prince Alwaleed was confident that the U.S. economy will overcome the impact of the attacks that have dented world markets.
Shaker declined to comment on the estimated losses to Prince Alwaleed following the attacks, noting that the prince had no current intention of selling any part of his medium- to long-term stock holdings.
"Losses and gains can only be made if you sell and the prince is not selling," he said. "The prince knows that this is the time to buy not the time to sell."
The prince's U.S. investments have been estimated at $9.65 billion in Citicorp , $1.1 billion in News Corp ADR , $932 Million million in AOL Time Warner , $534 Million in Four Seasons Hotels and Resorts ADR, and $300 Million in Compaq. |
