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 View Rate : 39367 #            News Code : TTime- 236523        Print Date : Monday, February 28, 2011

Saudi king to buy Facebook to end the revolt: report

In what is being termed as pure Wall Street Gordon Gecko tactics, King Abdullah of Saudi Arabia has decided to make an offer of $150 billion to buy out Facebook.

Inside sources within the kingdom suggest that the King is very upset with Mark Zukerberg for allowing the revolt to get out of control, Ahlul Bayt News Agency reported.

In a personal meeting between Mark Zuckerberg and King Abdullah on Jan 25, 2011, Zuckerberg had promised that he would not allow any revolt pages to be formed on Facebook even while he allowed Egypt and Libya revolt pages to be formed.

Left with no option, Abdullah advised by Goldman Sachs has decided to buy out Facebook and “clean out the weeds”. The offer on the table is $150 billion. Facebook balance sheet was shown to King Abdullah and his kingdom advisors had mentioned that it is not even worth $1 billion given that it generates no profit. But the King threw the report into the dustbin and fired his advisors and decided to hand over the investment banking mandate to Goldman Sachs who put the value at $150 billion. The deal will be all cash.

Most analysts believe that Zuckerberg will not take the offer and will wait for King Abdullah to up the offer to at least $500 billion. In the meanwhile king Abdullah has now logged on the Facebook and was busy profiling some of the models in the Goldman Sachs presentation.

Plans to provide cheap land for housing

In another development, minister of Municipal and Rural Affairs Prince Mansour bin Miteb said the government is striving to make affordable housing plots available for citizens.

“The Ministry of Municipal and Rural Affairs has allocated 130 plots for the General Housing Authority,” said Prince Mansour, adding that the task of making land cheaper needs the efforts of many government departments.

The prince said the housing authority, which has many plots of land left over from older allocations, will strive to provide houses to as many citizens as possible in all provinces. He added that a few housing projects were implemented in an unscientific manner and had to be redesigned.

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