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Saudi Prince up stake in Citi Group
20 Nov 2008
After the group's capital raising in January, the Prince held a five per cent stake but was reduced to four when it increased its Tier One capital ratio to above ten per cent.
Now the monarch has restored his stake to the original amount and said he is fully behind the chief executive officer, Vikram Pandit and his management team.
The Prince said he is "fully confident that that Citigroup's universal banking model and global franchise will make it a long-term winner in the financial services industry".
He initially invested in the group during the 1990s, taking control of a five per cent stake for an estimated $550 million.
The $50 billion worth of private capital raised by the firm includes a $7.5 billion worth of capital from the Abu Dhabi Investment Authority.
Meanwhile, the Menafn.com reported that a delegation of 80 Saudi businesswomen was taken on a tour of the real estate developments of the city of Jeddaah.
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Jabal Ajyad Residential Development in Makkah - Saudi Arabia
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Fanar City - Phase Two - Saudi Arabia
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Jarab - Kara Road Expansion - Saudi Arabia
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13 New Tunnels and Bridges in Jeddah - Master plan - Saudi Arabia
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Village Housing Development - Second Phase - Al Daihma Village in Sametah in Jazan - Saudi Arabia
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Village Housing Development - Thol Village in Jeddah - Saudi Arabia
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Village Housing Development - Al Ras Village in Al Reeth in Jazan - Saudi Arabia
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King Khaled and King Abdullah Road Expansion in Glawa - Saudi Arabia
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Jabal Upper Shada and Low Shada Road Expansion - Saudi Arabia
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Connecting Aqaba Al Bahah - Al Mekhwat Al Madheelf Road - Saudi
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