Does this mean GM jobs will be outsourced to Saudi Arabia or is this to ensure Muslims have jobs when they come to the U.S.? Just thought it kind of interesting on top of Obama's massive Saudi arms deal -- largest in U.S. History...pushed while Congress was in recess...
Saudi's Kingdom, Alwaleed buy $500 million of GM IPO
Saudi investment firm Kingdom Holding 4280.SE and its Chairman Prince Alwaleed subscribed $500 million to General Motors' (GM.N) initial public offering, Kingdom Holding said on Tuesday.
"The decision of Kingdom Holding Co and Prince Alwaleed to invest in (GM) was based on the global strength of General Motors' brand, the relatively attractive offering price and the company's growth prospects in Brazil and China," Kingdom Holding said in a statement.
It said the purchase represented 1 percent of the value of the company.
The offering, which took place last week, ranks as the largest IPO in U.S. history as it raised $20.1 billion.
Saudi billionaire Alwaleed owns 95 percent of Kingdom Holding and has minority stakes in some of the world's top companies. He is also a main shareholder in Citigroup Inc (C.N)...
Critics Slam Obama Administration for 'Hiding' Massive Saudi Arms Deal
Largest Arms Deal In U.S. History Pushed While Congress In Recess
Why did Obama "HIDE" the massive arms deal? Everyone knows there's a war coming up in the Middle East, so WHO will the Saudis be targeting?