#Saudi Arabia Avoids Cryptocurrency Investment#

Talal Ibrahim Maiman, CEO of Saudi Arabian conglomerate Kingdom Holding, recently clarified that the company will not invest in cryptocurrencies in the near future, citing the lack of widespread adoption as a payment method for goods and services. This statement aligns with the investment philosophy of Prince Alwaleed bin Talal, a prominent member of the Saudi Royal family, who is known for his value investing approach similar to Warren Buffett and has also avoided cryptocurrencies. Kingdom Holding, with an estimated $13.6 billion in assets, has a diverse portfolio spanning finance, hospitality, healthcare, media, technology, and real estate. Maiman, during the World Economic Forum in Davos, reiterated the company's adherence to Buffett's theory of "not buying something you wouldn't invest in", stating that as cryptocurrencies are not currently used to purchase any goods, Kingdom Holding is not considering investment in them. Prior to this clarification, rumors circulated on social media about the Saudi Royal Family investing in cryptocurrencies. However, Prince Alwaleed bin Talal's public comments on Bitcoin reflect the company's reservations towards the asset class. He previously stated in 2017 that he believes cryptocurrencies "will eventually collapse."