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.
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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.
Kingdom is also heavily invested in other financial groups, real estate, industry, entertainment, retailing and trading.
News of Kingdom’s losses came on the heels of the shock fourth quarter report by market bellwether Saudi Basic Industries (Sabic) which turned in a 95.5 percent fall in profit for the fourth quarter, far greater than analysts had forecast.
The petrochemicals giant said it was hit hard by a fall in demand because of slumping economies around the world and especially by weakness in the construction and automobile industries.
Oy nebech…i am going tomorrow in all shuls collecting for the King….
Good!
…and the largest find of natural gas of the coast of Eretz Yisroel!!!!!!!
From Wikipedia :As of December 2, 2008, his net worth is estimated at US$17.08 billion, down from $21 billion, according to the Arabian Business rich list published December 2, 2008. He is ranked by Forbes as the 20th richest person in the world. He has been nicknamed by Time magazine as the Arabian Warren Buffett”
Hashem yarachem; NOT….may he and Bernie Madoff share a room in their own special olam habah…
For him it’s like losing a dime!
Kein yovdu kol oyvecha hashem
tell him to sell his silver cars
isn’t there a law in Saudi Arabia that they chop off your head for bad investing , i have an old rusty ax if they need one
Hey, 8 billion here, 8 billion there, the next thing you know your talking real money!
whats his address
Hmm and they were the first to laugh at the downfall of the stock market now it hitting close to home
I cant believe this crap they tell us not to invest in banks and that interest rates is haram will here you go they are freakin investing in entertainment “I wonder what kind= strip clubs movie production maybe some gay stuff as well who knows Saudi Gov is a fucken joke this whole thing is a joke I hope all your money gets lost so you be happy .