The local investment firm Kingdom Holding has completed the refinancing of a $381.3m loan facility, according to a company statement on 18 January.

It has been reported by New York-based newswire Reuters that the loan, which was backed by the Four Season Hotel Group, was extended by a consortium of three banks.

France’s Credit Agricole Corporate and Investment Bank, Germany’s Natixis Pfandbriefbank and France’s Societe Generale Corporate and Investment Banking acted as co-lead arrangers, the report said, while Credit Agricole acted as facility and security agent.

Kingdom Holding is an investment firm owned by Saudi Arabia’s Prince al-Waleed bin Talal. The company is a stakeholder in the development of the world’s largest tower, Kingdom Tower, expected to be complete in the Jeddah Economic City by 2018.

Jeddah Economic Company was formed in 2009 to finance Kingdom City. It is made up of stakeholders comprising Kingdom Holding Company, Abrar Holding Company, a businessman named Abdulrahman Hassan Sharbatly and Saudi Binladin Group.