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Article: Saudi prince's firm loses $8.3B in 4Q
- Article from:
- AP Online
- Article date:
- January 20, 2009
- Author:
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The Saudi investment company that bet big on now-ailing Citigroup and other major global companies said Tuesday it lost more than $8 billion in the last three months of 2008.
Prince Alwaleed bin Talal's Kingdom Holding Co. attributed the drop to losses stemming from the company's investments in capital markets, according to a statement posted on the Saudi Tadawul exchange's Web site.
Kingdom Holding said it lost 30.98 billion riyals ($8.26 billion) in the fourth quarter of 2008. That compares with a gain of 255.6 million riyals ($68.2 million) in the same period a year earlier.
"It's significant," said John Sfakianakis, chief economist at SABB, the HSBC ...