HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), held a board meeting, Tuesday December 17, 2013 at the Company’s HQ in Riyadh. The meeting was attended by KHC Board that is comprised of Eng. Talal Al Maiman, Executive Director for Development and Domestic Investments and Member of the Investment Committee, Mr. Shadi Sanbar, KHC’s Chief Financial Officer (CFO) and Member of the Investment Committee, Mr. Sarmad Zok, Executive Director of Hotel Investments and Member of the Investment Committee, and the independent board members that comprise of Mr. Saleh Al Sagri, Eng. Taher Agueel and Eng. Rasha El Hoshan, Prince Alwaleed represented Dr. Khaled Al-Saheem during the meeting in his absence. The meeting was also attended by Mr. Mohammed Fahmy, Deputy CFO.
The board meeting was held to oversee KHC’s performance in 2013, approve 2014 budget and operation strategy. Furthermore, the meeting outlined and fortified KHC’s diversified investment strategy, long term vision for growth and development, and for future prospective investment opportunities.
During the meeting, the board referred to KHC and Prince Alwaleed’s combined investment in Twitter that has increased from $300 Million to approximately $1.2 Billion since Twitter’s IPO in November 2013 as per market closing on Friday Dec 27th 2013.
Moreover, during the board meeting KHC announced the retirement of Mr. Shadi Sanbar from his position as CFO effective December 31, 2013. In addition, Mr. Sanbar will serve as Senior Financial Advisor to HRH Prince Alwaleed, Chairman of KHC and will remain as a Non-Executive member of the Board of Directors of KHC and board member to other KHC associates namely Four Seasons Hotels and Resorts and Fairmont Hotels and Resorts Inc. Holding Limited. In addition, KHC announced the appointment of Mr. Mohammed Fahmy as the CFO effective January 1, 2014 and member of the investment committee. Also, KHC announced the appointment of Dr. Adel Alsayed, Executive Director for International and Private Equity as a KHC board member effective January 15th, 2014.
Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. KHC’s portfolio has its major interests in investment categories ranging from luxury hotels and real estate to media and publishing, entertainment, finance and investment services, social media and technology, consumer and retail, petrochemicals, education, private equities, health care, aviation, even agriculture. KHC is among the world’s largest and most diverse investors, with regional and international holdings in many key industries. KHC is recognized as one of the largest foreign investors in the United States.