Kingdom Holding Company, chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud announced the SR700 M re-financing of Kingdom Centre (Trade Centre Company Ltd.), chaired by Eng. Talal Ibrahim Al Maiman (Executive Director for Development & Domestic Investments and KHC Board Member). The re-financing is Sharia compliant through Samba Financial Group for expansion and investment purposes. KHC holds a 36% percent interest in Kingdom Centre.
The signing ceremony took place on Saturday, 28th August 2010 at Kingdom Holding and attended by Prince Alwaleed and Mr. Eisa Al-Eisa, Chairman of Samba Financial Group. The signing was done by Eng. Talal AlMaiman and Mr. Zaki Al Mousa, Board Member of Samba Financial Group. The occasion was also attended by Mr. Shadi Sanbar, CFO, Mr. Ali Tabbal, Deputy CFO, from KHC and Ms. Nada Al Ateegi, General Manager of Kingdom Centre, Mr. Mukhtar Othman, Finance Manager from Kingdom Centre, in addition to Mr. Naif Al Baz from Samba Financial group.
Prince Alwaleed commented: “The re-financing of Kingdom Centre comes in light of KHC’s objective to continue to monetize and extract value out of the company’s local investments portfolio”.
The Kingdom Centre was completed in 2002. The Kingdom Centre is an iconic building and one of Saudi Arabia`s most identifiable landmarks.
The Kingdom Centre, which occupies 94,230 square meters of land comprises the Al Mamlaka shopping mall, considered to be one of Riyadh’s most prestigious shopping malls, and a 300 metre office tower which was, when built, the tallest building in the Middle East.
In addition, Kingdom Centre includes the mall containing 161 stores and total leasable area of 38,543 square meters. Its anchor tenants are Debenhams, with 8,364 square meters, and SAKS Fifth Avenue, with 5,273 square metres. The mall is targeted toward younger and more affluent shoppers and contains stores representing a number of international luxury brands. The third floor of the mall is for women only. Management estimates that approximately 230,000 persons visit the mall each week.