Prince Alwaleed talks to CNBC and assures markets

Prince Alwaleed Bin Talal has denounced the September 11 terrorist attacks on the US and assured markets that he would not liquidate or sell any of his stakes in the US.

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By  Massoud Derhally Published  September 18, 2001

HRH prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, chairman of Kingdom Holding Company said Monday September 17 that he has great confidence in the economy of the United States of America.

The Saudi self-made billionaire businessman added, “I believe over the next few days investors should refrain from selling. Panic is only going to hurt those who do not understand the mechanism of the US economy. The American economy is solid and I am not selling anything. Years ago when I placed my confidence and hence my investment dollars in the US stock market I did not act emotionally. I am as confident now as I have always been that the economy of the United States of America can and will withstand any jitters.”

Prince Alwaleed went on condemning the September 11 attacks. “Such acts are heinous crimes and we condemn terrorism in all its forms. Terrorism is the weapon of cowards.”

Reassuring, the royal Saudi businessman reiterated his confidence in the market, “I will not sell any of my shares in any company!”

According to the July 9th 2001 issue of Forbes magazine, prince Alwaleed Bin Talal was ranked the world’s sixth wealthiest businessman with over $20 billion in investments. Prince Alwaleed has substantial holdings in the United States. He is heavily invested in numerous U.S. companies such as:

(Investment In U.S. Only) (Amount In millions)
Citigroup $9,647
News Corp. ADR $1,100
AOL Time Warner $932
Four Seasons Hotels & Resorts ADR $534
Apple Computer $314
Compaq $300
Motorola $261
Fairmont Hotels $260
Teledesic $200
WorldCom $120
The Plaza Hotel, New York $120
Kodak $80
Pepsi $70
Procter & Gamble $67
Ford Motor Company $56
Walt Disney $50
Planet Hollywood + Franchise $40
Saks Fifth Avenue $26 $47 $20 $20

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