labels: investment - general
Well back the US: Saudi princenews
18 September 2001

Mumbai: What does Prince Alwaleed Bin Talal - part of the Saudi Arabian royal family and one of the biggest investors in the world and in American markets, said to be donning a portfolio valued at approximately $20 billion - propose to do in the current market crash? Will he buy or sell?

Speaking to CNBC on 17 September, he said: Im selling nothing. If at all, Ill be buying in the coming days. He, however, refused to specify the quantum of stocks he proposes to buy.

The prince said the Federal Reserve would maintain a large flow of liquidity in the system that will help markets to revive and go up.

The prince also answered questions on the official line Saudi Arabia will take in case there is a war. He said: Our official position is to back the US government. We will try and keep the price of oil in the range of $20 to $25. We guarantee enough flow of oil from the Gulf region.

Asked about what he thought of Osama bin Laden, since he is of Saudi origin, he said: Its a shame on the Islam. Its a shame on Saudi Arabia and all similar-minded countries.

He, however, said his country and family knew nothing about him now since he was expelled from the country long time back and there was any contact with the terrorist whatsoever.

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Well back the US: Saudi prince