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Saudi Prince Alwaleed Calls for Citi Dividend

CNBC.com
Thursday, 10 Mar 2011 | 2:55 AM ET

Wealthy Saudi investor Prince Alwaleed bin Talal expressed confidence in Citigroup's earnings potential and also called for the bank to issue a dividend to shareholders.

"We believe that Citigroup within the next three quarters will be in a great and strong position and hopefully, we have asked Citibank to start distributing dividends to us as shareholders and I hope that there will be positive results," Alwaleed said, according to a translation.

"And I believe that Citigroup announced that in 2012 they will be posting a profit, and this is something that is very good."

Alwaleed, who individually owns a large stake in Citi , also said at the press conference Wednesday that he is still buying Saudi stocks.

"We are continuing to buy, even on this day today, yesterday and next week," he said.

"We have not finished the operation worth 500 million Saudi riyals. And as we said in the report, we are willing to continue with an extra 500 million riyals if the opportunities remained as they are."

"But it is clear that there is an improvement in the burse and we have our ears open and our hands ready to continue with any opportunity," he added.

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