Saudi news

We invested 15 billion riyals in stocks within two years

Talal Al-Maiman, CEO of Kingdom Holding Company, said that there are opportunities in the global markets, but it is better to wait until the end of the second quarter of 2023.

Al-Maiman added, in an interview with “Al-Arabiya” on the sidelines of the “Davos” forum today, Wednesday, that there are expected to be better opportunities amid the improvement of global conditions.

He pointed out that the best decision now is to keep “cash liquidity,” adding that the current global risks include expectations of economic recession and job losses, in addition to the continued effects of the war on the investment situation around the world.

The CEO stated that Kingdom Holding manages a portfolio of around 49 billion riyals, of which 40% is invested in Saudi Arabia, 19% in the United States of America, 14% in Britain, 9% in France, 5% in Spain, and 5% in Canada.

Al-Maiman stated that the company’s investment portfolio is diversified between growth investments and returns investments, at the same time, he indicated that the company does not invest in bonds.

The Kingdom’s investment portfolio includes 69% of the capital shares, compared to 31% in growth.

He continued, “We invested 15 billion riyals in stocks during the past two years,” adding that the company achieved revenues of one billion riyals in 2021. As for the year 2022, the data is still under review, and it is expected that the company will achieve good results.

He revealed that it is better to wait and wait for better opportunities in the market after the second quarter.

He pointed out that the company will not go into debt in light of the high interest rates, while it will maintain its cash liquidity at the present time, amounting to 400 million dollars.

Al-Maiman said, “We kept our ownership of Twitter due to our belief in Musk’s administrative capabilities.”

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