"All other companies are learning Tesla, developing electric cars and even self-driving cars. In the end, in the next ten to twenty years, the world's dependence on oil will undoubtedly decrease, "he said in an interview.
Alwaleed, chairman of Kingdom Holding Company, said that at present, automobiles account for more than 70% of oil consumption, so his country must be prepared to cope with the declining world oil demand.
"Saudi Arabia's measures to reduce its dependence on oil are very important and wise," he said.
"When we export the last drop of oil and rely on other wealth resources, we will celebrate."
Alwaleed also talked about Tesla, the leader of the electric vehicle industry. As an investor, he believes that Tesla's current share price level is not worth buying.
"Maybe some people will think that Tesla's current valuation is normal, but I won't buy it at this price. It's too expensive for me, "he said.
Alwaleed revealed that he bought shares in the taxi company Laifu Car because he got a "better purchase price" for his investment in Laifu Car compared with Uber.
Alwaleed was interviewed in Riyadh, the headquarters of Kingdom Holding Company. Since the beginning of this year, Tesla's share price has risen by more than 60%.
Rich countries.