Billionaires hunting for deals amid economic slowdown

The financial meltdown may have shaved off billions of dollars from their fortunes, but still billionaires like Mexico's Carlos Slim Helu and US investor George Soros are looking for investment opportunities.

In its list of 'Billionaire Vultures', US business magazine Forbes has named people who are betting big amid the deepening global economic slowdown.

Founder of Saudi Arabia's MBI International group Mohamed bin Issa Al Jaber, member of Abu Dhabi's royal family Mansour bin Zayed Al Nahayan, American investors -- Wilbur L Ross Jr, John Catsimatidis and Nicolas Berggruen, along with Mexican telecom tycoon Slim Helu and Soros feature in the list.

"How much these billionaires will make off these opportunistic bets won't be known possibly for years. But one thing is certain: How and when they choose to spend will be a closely watched vital sign of the stricken economy," the publication said in an accompanying report.

Other names in the league of 'Billionaire Vultures' includes US-based Gerald Ford, Germany's Gunter Herz and Russia's Mikhail Prokhorov.

Wilbur Ross, who has a personal fortune of USD 1.3 billion, had made investments to the tune of USD 80 million in India's low-cost carrier SpiceJet in 2008. 

About Wilbur Ross, the magazine said, "Personally lost USD 500 million in the past six months as investments in steel, textiles and auto parts have tumbled. Made fortune buying up distressed companies, still looking for a bargain."

It added that he acquired 68 per cent stake in Florida bank First Bank & Trust in January; invested USD 80 million in low-cost Indian airline SpiceJet last September.

According to Forbes, Slim Helu is the third richest man in the world and has fortunes worth USD 35 billion.

The publication pointed out that even though economic downturn and plunging peso have taken away USD 25 billion from his fortune, Slim Helu has not stopped from making opportunistic investments.

"Last year, (he) took stakes in New York Times Co, former Irish billionaire Anthony O'Reilly's Independent News & Media and Bronco Drilling," it said.

Quantum Fund, run by billionaire hedge fund manager Soros, is scouting for investment opportunities in the banking sector in Nigeria. His fortunes are worth USD 11 billion.

"Testified alongside billionaire hedge funds managers John Paulson and Ken Griffin in November: Predicted hedge fund industry's assets would shrink "between 50 and 75 per cent." His Quantum Fund is reportedly scouting investments in Nigeria's banking sector," the report said.

Recently, the magazine said that this year, the world has now 793 billionaires, down from 1,125 a year ago.