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Prince Alwaleed Offers the Saudi Economy a Vote of Confidence

Prince Alwaleed bin Talal, who made billions off investments in the telecom industry, said Sunday, he invested $1.33 billion in the Saudi Stock Exchange, and that he believes that the stock market crash there has ended. Alwaleed, the largest private share-holder in CitiGroup, increased his investment in three Saudi companies, including Samba Financial Group, Saudi Arabia`s second largest lender by volume, which was under the management of CitiGroup until 2004. The prince also purchased stock in a Saudi publishing firm. Alwaleed, 51, said: "Now prices are reasonable and logical."

Saudi Arabia`s standard market index plunged 52.5 percent last year, and was one of the worst performances in the World. Since 2007 began, the index lost another 12.75%. In the past five years up to February last year the Saudi stock market increased by 700%, due mainly to a rise in fuel prices. Saudi Arabia is the largest exporter of oil in the World.

Alwaleed, himself is the world`s richest man in the Wold, with a fortune estimated at $20 billion as well as being nephew of the king, Abdullah, told reporters he has kept his March 2006 commitment to invest 5 to 10 billion Rials in the stock exchange, after it crashed 28.9% in three weeks. The prince says he has increased his investment in Samba from 5%, as well as increasing his investment in from 10%, in both the Savola Group, the kingdom`s largest food-products company, and the National Industrialization Co., but did not give any further details. The prince added he intends to invest an additional 5 billion Rials in real-estate projects soon to be offered in the Saudi Stock Exchange.