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Arab News, Thursday, Jun 23, 2022 | Zul Qaadah 23, 1443

Kingdom Holding closes $3.4bn multi-sector investment program

Saudi Arabia: Saudi Arabia’s Kingdom Holding Co. has concluded a multisector investment program valued at SR12.8 billion ($3.4 billion).

According to the filing, the program took place over a period of two years starting from the second quarter of 2020 until the ongoing quarter.

The program is the first major announcement for KHC following the sale of shares to the Kingdom's sovereign wealth fund, Public Investment Fund. 

Saudi billionaire Prince Alwaleed bin Talal earlier this year sold part of his stake in KHC to the PIF in a $1.5 billion deal, reducing his interest to 78.13 percent.

KHC allocated the amount across various fields including, but not limited to, mobility, energy, digital media, e-commerce, insurance, and commodities, a bourse filing showed.

The new sectors complement the company’s portfolio, with existing investments in banking, real estate, healthcare, education, petrochemicals, hotel management, social media, mining, and aviation.

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