Kingdom Holding, the investment vehicle owned by Saudi Arabia’s Prince Alwaleed bin Talal, has appointed a group of banks to arrange a loan of around $500m for the company.

The banks appointed to arrange the deal are the local Samba, Banque Saudi Fransi and SABB, along with the US’ JP Morgan and Citigroup; the UK’s HSBC, Royal Bank of Scotland and Standard Chartered; and Germany’s Deutsche Bank.

Proceeds from the deal are expected to be used to refinance existing debt. In September 2008 the company secured a SR3bn ($800m) loan from a group of local banks that was expected to be used to finance investments in the local markets.