Kingdom Holding closes $800m bank facility

15 September 2008
Prince Alwaleed bin Talal’s Kingdom Holding has agreed a deal with three Saudi banks for a SR3bn ($800m) syndicated loan facility that is expected to be used for investments in local markets.

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).

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