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New York - Saudi Prince Alwaleed Bin Talal, Lost $8 Bil. Citing Citibank Investment |
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In 2007 Saudi Prince Alwaleed bought his own A380 Jet
Run by flamboyant billionaire Saudi Prince Alwaleed bin Talal, Kingdom said it posted a net loss of 8.26 billion dollars for the three months to December 31, compared to a profit of 68.2 million dollars a year earlier.
Even allowing for profits made earlier in 2008, the company lost 7.98 billion dollars for the 12 months to December, a plunge from 323 million in profit for 2007.
In a statement made to the Saudi stockmarket after trading closed Tuesday, Kingdom attributed the quarterly result to losses on financial investments, which include a five percent stake in struggling Citigroup.
Kingdom is also heavily invested in other financial groups, real estate, industry, entertainment, retailing and trading.
News of Kingdom's losses came on the heels of the shock fourth quarter report by market bellwether Saudi Basic Industries (Sabic) which turned in a 95.5 percent fall in profit for the fourth quarter, far greater than analysts had forecast.
The petrochemicals giant said it was hit hard by a fall in demand because of slumping economies around the world and especially by weakness in the construction and automobile industries.
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Read Comments (19) — Post Yours »
1
Jan 20, 2009 at 05:23 PM yossi Says:
Oy nebech...i am going tomorrow in all shuls collecting for the King....
2
Jan 20, 2009 at 06:02 PM fsp Says:
...and the largest find of natural gas of the coast of Eretz Yisroel!!!!!!!
3
Jan 20, 2009 at 06:01 PM easy come, easy go Says:
“ Oy nebech...i am going tomorrow in all shuls collecting for the King.... ”
That's nothing to His Royal Highness---wait till you hear how much he lost to Bernie!
Oh, the shame of it all.
4
Jan 20, 2009 at 05:42 PM Anonymous Says:
Good!
5
Jan 20, 2009 at 06:21 PM Miss Williamsburg Says:
From Wikipedia :As of December 2, 2008, his net worth is estimated at US$17.08 billion, down from $21 billion, according to the Arabian Business rich list published December 2, 2008. He is ranked by Forbes as the 20th richest person in the world. He has been nicknamed by Time magazine as the Arabian Warren Buffett"
7
Jan 20, 2009 at 08:10 PM Anonymous Says:
Hashem yarachem; NOT....may he and Bernie Madoff share a room in their own special olam habah...
8
Jan 20, 2009 at 08:06 PM Anonymous Says:
“ That's nothing to His Royal Highness---wait till you hear how much he lost to Bernie!
Oh, the shame of it all. ”
Don't be ridiculous!
You won't hear how much he lost to Bernie because there es past nisht to have invested mit bernie der Yid. Doesn't mean it did not happen, just that you won't hear about it.
9
Jan 20, 2009 at 08:35 PM Anonymous Says:
“ Don't be ridiculous!
You won't hear how much he lost to Bernie because there es past nisht to have invested mit bernie der Yid. Doesn't mean it did not happen, just that you won't hear about it. ”
Unless you forgot, his investment in Citigroup was made at the urging of then Citi Chairman Sandy Weill (who he has said over and over was among his "best friends")....last time I checked, we would count Sandy for a minyan...
10
Jan 20, 2009 at 09:12 PM UBET Says:
For him it's like losing a dime!
11
Jan 20, 2009 at 09:41 PM deep thinker Says:
Kein yovdu kol oyvecha hashem
12
Jan 20, 2009 at 09:50 PM confused Says:
“ Unless you forgot, his investment in Citigroup was made at the urging of then Citi Chairman Sandy Weill (who he has said over and over was among his "best friends")....last time I checked, we would count Sandy for a minyan... ”
last you checked? What? Were you in a locker room with the man ?
13
Jan 20, 2009 at 10:17 PM murray Says:
“ For him it's like losing a dime! ”
yeah, but you forget -a dime used to buy a whole lot more back then than it does nowadays, just ask any Zaidy in Seagate.
14
Jan 21, 2009 at 12:37 AM Anonymous Says:
Hey, 8 billion here, 8 billion there, the next thing you know your talking real money!
15
Jan 20, 2009 at 11:56 PM heads off Says:
isn't there a law in Saudi Arabia that they chop off your head for bad investing , i have an old rusty ax if they need one
16
Jan 20, 2009 at 11:47 PM Anonymous Says:
tell him to sell his silver cars
17
Jan 21, 2009 at 07:14 AM Anonymous Says:
“ Good! ”
What a silly ignorant comment.
18
Jan 21, 2009 at 10:44 AM Tomchai Shabbos Says:
whats his address
19
Jan 21, 2009 at 11:04 AM Joe Says:
Hmm and they were the first to laugh at the downfall of the stock market now it hitting close to home
20
Jul 03, 2009 at 02:48 PM Concerned Says:
I cant believe this crap they tell us not to invest in banks and that interest rates is haram will here you go they are freakin investing in entertainment "I wonder what kind= strip clubs movie production maybe some gay stuff as well who knows Saudi Gov is a fucken joke this whole thing is a joke I hope all your money gets lost so you be happy .