The company has been planning to undertake a largest project for construction of world’s tallest tower of the world in Jeddah city. Prince AL Waleed is the owner of more than 95 % of Kingdom holding company shares. The world’s largest tower project is requiring a budget of SAR 4.6 billion which is equal to US $ 1.2 billion. Such a huge project requires financial support from various financial and banking institutions as lenders or investors to fulfill the dream of world’s largest tower of the world in KSA. The speaker of Kingdom holding company has announced that the company has taken financial support from various banking sectors for financing of project. The current year long term liabilities of Kingdom Holding Company in lieu of bank financing credits and term finance certificates is about SAR 1.4 billion according to latest financial statements of company.
The recent statistics of company show that the company has earned a rise in profit of about 9.4 % which indicates progressing condition of company. The net profit Kingdom holding company earned during second quarter of recent has also shown increase in its worth. The emerging rise in profit of company is due to the healthy investments of company and sale of various estate businesses in middle-east. The estate businesses had shown a deficit due to recession in market and company had to release the money in order to stay safe from further loss.
Kingdom holding company has shares in various top companies around the globe. It has shareholding in citi group and owns some part of microblogging site Twitter and Rupert Murdoch’s News Corp.The owner of Kingdom holding company, Prince AL Waleed is 95 % holder of company shares and stands among richest persons of the world. He is nephew of King Abdullah and has been ranked among top richest Arab businessman by Arabian business Magazine. The value of his net assets is US 21.3 billion which is shown continuous increase in its worth. It is expected that with the construction of world’s largest tower in KSA by KHC, Prince may stand among few top richest persons of world.
Latest News: Other Latest News
- Reasons behind Recent sudden decrease in Petrol Prices
- Over 70,000 Containers of Fake Zamzam water Confiscated
- IDEAL MOTHER Award for Egyptian woman who disguised herself as Man for 43 Years
- Turkish Man Fined for saying “I don’t Love You”
- 2 Airplane Hijackers sentenced to Death in Saudi Arabia