If Wall Street is hoping that Prince Alwaleed bin Talal will ride to the rescue of America ‘s crumbling banks, here’s the word from the Saudi billionaire: Thanks, but no thanks. TIME: Did you see this coming?
TIME: You were involved with Citi’s recapitalization earlier this year. Alwaleed: No. TIME: Is this the bottom?
Alwaleed: I’m not sure it’s the bottom yet. See photos of life and commerce in Saudi Arabia here.
TIME: Would you buy now?
Alwaleed: No, I think we have enough involvement, with Citibank, in the financial services arena.
TIME: No more banks for you, then?
Alwaleed: No, I’m involved with Citibank. Alwaleed: We have a big exposure to the world economy in general — in banking, hotels, in real estate. But right now, there’s a lot of emphasis on Saudi Arabia . Saudi Arabia is experiencing a big boom. There’s a lot of emphasis on real estate, and on companies in Saudi Arabia .
Alwaleed: No doubt, we were impacted like anybody else. Like my regional [Arabic] media companies, Rotana and LBC.
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