Saudi Prince Alwaleed Bin Talal Lost $8 billion citing Citibank Investment

Posted on December 9, 2009


Note from Rafik Beekun: Please note that much of what Citibank does involves riba.

In 2007, Prince Alwaleed bought his own A380 Airbus Jet

New York – Kingdom Holding, the Saudi group which has pumped billions of dollars into ailing Citibank, said Tuesday it had lost more than eight billion dollars in the final quarter of 2008.

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.