Alwaleed increases share in Citigroup as loss tops Buffett

Prince Alwaleed bin Talal branded the Warren Buffett of the Gulf is being hit harder than Buffett in the credit crunch. Alwaleed become the 5th richest man is the world after a 1991 investment in Citigroup Incs.

Alwaleed’s Riyadh-based Kingdom Holding Co tumbled 63 percent wiping out £13 billion in value. However Kingdom Holding have announced that Alwaleed will be increasing his stake in Citigroup to 5 percent, currently they own less than 4 percent, even after the share value of Citigroup has fallen a whopping 77 percent since January 1.

Prince Alwaleed is confident that Citigroup makes for a good long term investment. Shares in Citigroup surged 6.4 percent to $6.81 after the announcement in pre-market Wall Street.

Warren Buffett and Prince Alwaleed are similar in a way they made their billions, both investing in what they considered undervalued brand companies.

Source: Bloomberg