Saudi billionaire Prince Alwaleed bin Talal threw his weight behind Saudi stocks on Wednesday, saying he would invest 1 billion riyals ($267 million) in a market pummelled by unrest in the Arab world.
Prince Alwaleed, a nephew of Saudi Arabia's King Abdullah and a prominent investor in Citigroup (C.N), said at a press conference that he had invested more than 500 million riyals in banks, petrochemicals, telecoms, industrial and consumer stocks, and was ready to spend a similar amount in the future.
"The stock market fall is not justified," he told reporters, adding that the economy of the world's top oil exporter was healthy.
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