HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud Saud, Chairman of Kingdom Holding Company held a press conference at Kingdom Holding Company offices in Riyadh on Monday 11th January, 2010, to further discuss his transfer of ownership of 180 million from his own private Citigroup shares, at no cost, at a value of SR2.24 billion. The immediate financial benefit to the Kingdom shareholders at the time of HRH’s contribution is SR2.24 billion. Furthermore, to discuss the reduction of the Company’s capital from SR63 billion to SR37.5 billion (a share for every 1.7 share).
At the beginning of the conference the Prince discussed the planned reduction of the Company’s capital referring to it as a positive decision for the benefit of the Company and its share holders. This decision will lead the Company to profitability, help it to withstand the negative repercussions of the global economic crisis and enable KHC to distribute dividends to the Company’s shareholders once approved by KHC’s Board of Directors. Moreover, this move will allow Kingdom Holding to enhance its position and increase future borrowing capacity.
Moreover, the Prince expressed his outlook for the Company achieving positive results at year end as a continuation from the positive 1st, 2nd and 3rd quarter results. Prince Alwaleed also said that the future of the Company is based on its sound and promising diversified local, regional and international investments, and new projects to be announced in the near future.
Prince Alwaleed also commented: “Kingdom Holding will continue its strategic local and international investment plans of the past 30 years.”
In conclusion to the press conference, His Highness responded to questions from representatives from the local and international newswires, and other journalists.
KHC’s portfolio has its main interests in local and international investments that include landmark hotel properties, hotel management companies, real estate, financial services, technology, media, retail, agriculture, manufacturing and aviation. KHC’s local investments include, Saudi Research and Marketing Group (SRMG), National Air Services (NAS), Kingdom Hospital, Consulting Clinics, Kingdom City, Kingdom Centre, Kingdom Schools, SAKS Fifth Avenue, Four Seasons Hotel Riyadh, SAVOLA and TASNEE (National Industrialization Company).
The press conference was attended by Mr. P. J Shoucair Executive Director for International Investments, Eng. Ahmed Reda Halawani, Executive Director for Private Equity and Mr. Shadi Sanbar, KHC’s CFO, Ms. Heba Fatani, Executive Manager, Corporate Communications Department and Ms. Intisar Al Yamani, Executive Assistant Manager, Corporate Communications Department.
Moreover, Kingdom Holding Company will continue to pursue the development of its two mega real estate projects in Kingdom City Riyadh and Kingdom City Jeddah.
Kingdom City Riyadh is a unique city within a city, located on the Dammam highway North East of Riyadh on an area of 16.8 million square meters. The project will consist of residential, commercial, offices and retail facilities. The city will also include a sports club, leisure, horse riding and education facilities, and open parks that meet international standards of quality and that are environmentally friendly.
Kingdom Tower Jeddah, the world’s tallest tower exceeding 1000 m in height, will be the centerpiece of Kingdom City Jeddah, the largest, most comprehensive real estate development to be built on the Red sea coast of the Kingdom of Saudi Arabia. The project will include offices, villas, apartments, hotels, malls, marina, recreational areas, connecting bridges and much more. It is expected to become a world-leading tourist, business and residential centre and offer the best investment opportunity in the Middle East. The Plans for the two colossal projects of Kingdom City in Jeddah and Kingdom Tower in Jeddah were inaugurated at the “Towards the First World” architectural exhibition that was held in Jeddah, under the auspices of the Custodian of the Two Holy Mosques, King Abdullah.