The deal was arranged by Samba, Riyadh Bank and Banque Saudi Fransi and was officially signed on 14 September. Syndication to a limited number of other Saudi banks is not expected to occur until after Ramadan.

Kingdom holds stakes in a wide range of international businesses, such as News Corporation, Citigroup, Fairmont Hotels and Ebay. Its local investments include food and retail firm Savola Group, Al-Azizia Commercial Investment Company and industrial group Tasnee.

Banks had originally started working on the deal in July, when Kingdom had been seeking up to SR5bn (MEED 17:7:08).