Saudi billionaire Prince Alwaleed bin Talal said the Kingdom has a solid economy, adding that he is very optimistic for growth going forward, backed by the country’s expansionary budget.
Accordingly, Kingdom Holding Co. (KHC) has decided to have all investments inside the Kingdom going forward, he told Rotana Khalijia TV.
KHC has liquidated some assets overseas to reinvest in Banque Saudi Fransi. The investment firm is studying various local projects, and is eying investments in mega projects, such as NEOM.
The Saudi businessman added that his net worth slumped, as major part of his fortune is linked to KHC. He noted that KHC stock plunged to SAR 8 from SAR 27, ruling out that his arrest was the reason behind wiping off his fortune.
“My fortune witnessed a 50 percent paper loss,” the Saudi said, expecting a strong recovery.
“I still own 95 percent of Kingdom Holding shares. The market needs more transparency, so I’ll disclose more details within the next few weeks or months about the Ritz-Carlton settlement,” Prince Alwaleed added.
Meanwhile, Alwaleed said the Kingdom’s decision to delay Saudi Aramco’s initial public offering could boost economic growth, as the completion acquiring a stake in petrochemical producer, SABIC will enhance the major oil producer’s position, he concluded.
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