HRH Prince Alwaleed Bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company announced the Company’s financial results of operations for the third quarter and the nine months ended September 30, 2011. The Company announced a net income of SR 197.7 million, an increase of 24% when compared to the results for the third quarter of 2010. The consolidated net income for nine months totaled SR 451.8 million, which represents an increase of 22%. Prince Alwaleed commented: “Kingdom Holding Company will continue to achieve strong results and to distribute dividends.”
Even with the effects of the regional conflicts, the Company continues to experience improving results from local and real estate investments. Prince Alwaleed added: “I am confident that our strong results will continue with our very well defined vision particularly after having commenced with the execution of the real estate projects in Jeddah and Riyadh as previously planned.”
Kingdom Holding Company had recently initiated a decision to build the world’s tallest building in the Kingdom of Saudi Arabia, the contract for construction has been signed and Kingdom Tower, with a height of over 1,000 meters, will begin construction in Jeddah, Saudi Arabia. Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company’s (JEC) new urban development of more than 5.3 million square meters of land in the north of Jeddah overlooking the Red Sea and Obhur Creek.
Kingdom Holding Company also recently announced that it had sold 1M sqm of land west of “Kingdom Riyadh land” for SR250 per sqm to the Real Estate Investment Company Ltd. (one of its subsidiaries, 38.89% owned by KHC) for the development of the second “Kingdom City” as the first “Kingdom City” was opened in 1999 and has 100% occupancy. On the east end of the “Kingdom Riyadh land” is “Kingdom Oasis” which has a main and complete infrastructure where a Four Seasons Hotel will be developed.