Reports in the Financial Times this week that Saudis have already withdrawn billions of dollars from the US have been disputed by Saudi and Western businessmen. I have read from several sources that the withdrawals may amount to as much as $200 bn. (Not really a big deal in a 15 tn. economy - just an annoyance, what with all the paperwork.)
Methinks the Saudis are feeling a little guilty. said Mike Darancette
I wish that were true but I'm afraid it's more likely the Saudi's are afraid that their assets may be frozen by DOJ for aiding and abetting terrorists.
methinks the saudis aren't even capable of guilt. said GodsLittleOne
Unless they get caught which is why they're spiriting the money out now before they are exposed undeniably.
http://www.arabicnews.com/ansub/Daily/Day/020823/2002082314.html
Al-Walid Bin Talal speaks for the royal family: Saudi assets were not withdrawn from the US
Saudi Arabia-USA, Economics, 8/23/2002
The Saudi Prince al-Walid Bin Talal has denied the importance and the credibility of reports which talked about the withdrawal of Saudi assets from the US estimated at 200 billion dollars, noting that he is talking on behalf of the Saudi royal family.
In a statement to the BBC, Prince al-Walid said "I have read in the Financial Times and was greatly astonished." He added "according to my information nothing of the sort is correct. There might be some withdrawal operations but not on the scale the paper talked about." He stressed "What I am saying to you represents the position of the royal Saudi family one hundred percent." Al-Walid explained that "the relations between Saudi Arabia and the US is currently troubled, but matters will eventually return back normal by the ultimate end."
He continued "I keep every thing of ( my investments ) and frankly, I increased the volume of my contributions and shares in certain groups in the USA." Prince al-Walid who is number 11 on the list of the most rich in the world with a fortune of 20 billion dollars announced in March buying stocks in the USA estimated at one billion dollars since the September attacks, including 500 million dollars in the City Bank groups. Al-Walid's investments in the USA are estimated at more than $ 15 billion.
In a statement to the Qatari daily al-Jazeera al-Walid stressed that the cases filed in Washington against Saudi Arabia companies, bank and individuals are not linked to the politics pursued by the US administration, noting that these filed cases "are built on unrealistic foundation and will be evaporated by the ultimate end."