Saudi Prince Denies Saudi Investors Exiting US - BBC
>>"I'm holding onto all of them (my investments) and in all honesty increasing my stakes in certain companies in the U.S.," he said. Some Saudi businessmen and economist warned last weekend that investors would withdraw from the U.S. after a $1-trillion lawsuit was filed claiming Saudis, including members of the royal family, funded the Sept. 11 attacks.<<
LONDON -(Dow Jones)- A senior member of the ruling family has denied Saudi investors are fleeing the U.S. and said he was increasing his investments there, the BBC reported on its Web site Thursday.
Prince Al-Waleed bin Talal bin Abdul Aziz Al-Saud, the nephew of King Fahd, told the BBC that there was no evidence of a Saudi pull-out.
"I'm holding onto all of them (my investments) and in all honesty increasing my stakes in certain companies in the U.S.," he said. Some Saudi businessmen and economist warned last weekend that investors would withdraw from the U.S. after a $1-trillion lawsuit was filed claiming Saudis, including members of the royal family, funded the Sept. 11 attacks.
The Financial Times added fuel to the story on Wednesday by reporting that Saudi investors had already withdrawn $200bn from the U.S.
"I have read the Financial Times and I was surprised," he said. "My information tells me none of this is correct. Now there may be some withdrawals, but not of the magnitude mentioned in the Financial Times.
"What I am telling you represents the position of the Saudi Royal Family 100%, " he added.
The denial comes as Saudi newspaper Al-Watan reported that a group of Saudi businessmen had pulled out of a technology project in New York over fears of having their assets frozen by U.S. authorities.
The Saudi Gazette Wednesday reported that the governor of the Saudi General Investment Authority, Prince Abdullah bin Faisal bin Turki, expected repatriation of Saudi capital invested abroad soon.
"There is no doubt the relationship between Saudi Arabia and the U.S. is going through some turbulent period right now, but eventually it will go back to normalcy," said Prince Al-Waleed.
"The U.S. right now is in a mood that is unrealistic and I hope that once the dust settles the U.S. government, people and the media will go back to reality and normal," he said.
biz.yahoo.com |
