RIYADH, 18 September — Billionaire businessman Prince Alwaleed ibn Talal said yesterday that he would not sell any of his shares following last week’s terror attacks on the United States, which he condemned as “heinous crimes”.
“The American economy is solid and I am not selling anything. I will not sell any of my shares in any company,” Prince Alwaleed said in a statement released by his Kingdom Holding Company.
The prince, whose net worth is estimated at $20 billion, is known for his high-profile international investments. He holds investments in media, banks, hotels, airlines, computers, autos, real estate and technology.
The prince offered his condolences to the American people for the attacks that killed thousands and decimated the world’s financial heart. But he said he believed the US economy was “sound and resilient” enough to withstand any jitters.
“It would be very foolish and a big blunder to sell at this time. With deep regret for all that has been going on, there is a great opportunity to buy at this time,” Prince Alwaleed told Reuters by telephone.
“My horizon is five to 10 years. It will be a bumpy ride for worried traders with a one-month horizon... Those with a five to 10 year horizon, if they invest today they will not be sorry,” said the prince.
The prince said he expected efforts to jumpstart the US economy would bear results in the last quarter of the year.
“Years ago when I placed my confidence and hence my investment dollars in the US stock market, I did not act emotionally,” the prince said. “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,” he added.
