Alwaleed's Kingdom Holding Eyes Europe Over US For Deals

Saudi billionaire's investment firm sees Europe as a better place to invest due to inflated prices in the US

The investment firm of Saudi Arabian billionaire Prince Alwaleed bin Talal is looking for deals in Europe because US assets, particularly technology stocks, are seen as overpriced.

“The markets are really exuberant in the United States versus Europe,” Kingdom Holding CEO Talal Al Maiman said in an interview with Bloomberg TV on Wednesday. “Europe is actually a much better place to invest in at this time.”

Al Maiman adds to a growing list of investors including BlackRock and Manulife Investment Management that are nervous about US equities hitting all-time highs during an economic crisis and an election year.

Prince Alwaleed, who owns 95 percent of Kingdom Holding, has stakes in Citigroup, ride-hailing firm Lyft, and Accor through the investment firm. He has also made several high-profile technology investments, including $250 million into Snap and $267 million in music-streaming service Deezer in 2018.

“Everything in my opinion is overvalued due to the huge sums of money that the government of the US has actually helped the markets with,” Al Maiman said.

Kingdom Holding reported its biggest quarterly loss on record in the three months through June on Tuesday as the coronabirus pandemic hit revenues from its hotels and dividends from its investments.

Still, the company, which has about 5 percent of its shares listed on the Saudi stock exchange, would maintain its dividend payout policy this year, Al Maiman said.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

UAE Announces Major New Tax Rules

UAE introduces Cabinet Decision to amend tax rules and attract investment Read more

UAEs Maseera Acquires Egyptian Fintech ADVA

The move marks a critical milestone in Maseera’s regional expansion strategy Read more

Oman Mandates IBAN For Domestic Transfers From July 2025

The move follows the Oman Central Bank's implementation of the IBAN system for international transfers from March 31, 2... Read more

Egypt And Jordan Thank The European Parliament For New Financial Aid

The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to... Read more

Standard Chartereds SC Ventures To Replicate Asia, Africa SME Model In GCC

SC Ventures to bring its successful SME building strategy in India, South East Asia and Africa to GCC, and plans to rol... Read more

UAE Central Bank Revokes Licence Of Dynamics Insurance Brokers For Regulatory Breaches

Dynamics Insurance Brokers "failed to comply with the licensing terms and requirements issued by the Central Bank and w... Read more