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Prince Al Waleed to keep hold of Apple

  |  October 23, 2012

Prince Alwaleed speaks at the Forbes Global CEO Conference in Dubai. (Sarah Dea / The National)
Prince Alwaleed speaks at the Forbes Global CEO Conference in Dubai. (Sarah Dea / The National)

Prince Al Waleed bin Talal says he plans to retain his stake in Apple, which he says is still rolling out products developed by the late Steve Jobs.

The Saudi Arabian billionaire first invested in Apple in the mid-1990s, when shares in the company were worth less than $10. They are now trading at more than $630.

Prince Al Waleed, speaking at the Forbes Global CEO Conference in Dubai (video here), said that he is “sure” that he will keep hold of his investment in the company.

“For the next year or so we’re still going to be living with the legacy of the projects that came under Steve Jobs,” he said.

“What they’re doing right now is really the legacy of Steve Jobs, even the new mini-iPad that will come imminently.”

The Saudi Arabian investor said Mr Jobs was keen on taking on the consumer electronics market early on, and even considered taking over the Japanese technology giant Sony.

“[Steve Jobs] was thinking of taking over Sony one time. No one knows about that,” said Prince Al Waleed. “He had a decision about taking to the consumer industry a long time before we had the iPod, iPhone and iPad.”

Prince Al Waleed last year invested $300 million in the microblogging site Twitter. He also holds stakes in Citigroup, News Corp and Rotana Group.

Twitter said last March it has 140 million active users - and this is set to grow quickly, according to Prince Al Waleed. “The objective of Twitter is to reach half a billion users in the next 12 or 24 months,” he said.