Alwaleed’s Kingdom Holding set to close $1bn loan deal

      Published on Wednesday, 3 October , 2018      49 Views     
Alwaleed’s Kingdom Holding set to close $1bn loan deal


Kingdom Holding Co will soon close a $1 billion loan, the first time Prince Alwaleed Bin Talal’s investment firm has borrowed since his detention last year.



Kingdom Holding will sign the deal “imminently” with a group of international and local banks, CEO Talal Bin Ibrahim Al Maiman said in a phone interview from Riyadh.

The investment firm, which started discussions with banks about the borrowing last October, hasn’t been in a rush to close the loan because it’s had enough cash to finance its investments, he said.

Talks for the financing were put on hold in November after Alwaleed, the 67th-richest person in the world, was among princes, ministers and senior officials who were held at the Ritz-Carlton for almost three months.

Kingdom Holding revived the talks with local and international banks in March and the loan was going to be backed by the company’s stake in Banque Saudi Fransi, people familiar said at the time.

Recent discussions were delayed after some banks on the deal had requested higher rates on the loan following Alwaleed’s arrest, people familiar with the matter said this week.

Al Maiman said the arrest hasn’t impacted the terms of the loan and that Kingdom Holding has several investment opportunities it’s currently considering, some of which could be funded by the loan.

After his release in January, Alwaleed sought to reassure business partners that his empire was intact, and said he’d signed a “ confirmed understanding” with Saudi authorities that left him free to function normally with “zero guilt” and “zero conditions.”



Since his release, Alwaleed has returned to dealmaking, with the acquisition of a 2.3 percent stake in Snap Inc, the parent of Snapchat, in a deal valued at $250 million, and a SR1 billion ($267 million) investment in Paris-based music streaming company Deezer.

Keywords:
Category Business | 2018/10/03 latest update at 6:00 PM
Source : Arabian Business | Photocredit : Google
50 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources
Saudi Arabia Saudi Arabia news

Saudi Alhokair’s mall unit files for IPO, offering in second quarter: sources

Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the…

Saudi Arabia new rules

Property prices continue to fall in key UAE markets

UAE banks invest Dh87 billion in Saudi Arabia, Egypt

King Salman receives dignitaries in Riyadh King

King Salman receives dignitaries in Riyadh

The Kingdom’s Grand Mufti Sheikh Abdul Aziz Al-Asheikh, senior scholars, ministers and a group of citizens called on…

Saudi King Salman reshapes country’s political and security affairs council King

Saudi King Salman reshapes country’s political and security affairs council

Saudi King Salman on Thursday announced a new list of appointees to key positions in the country’s political…

Saudi Arabia’s Prince Talal bin Abdulaziz has died King

Saudi Arabia’s Prince Talal bin Abdulaziz has died

Saudi Arabia’s Prince Talal bin Abdulaziz passed away on Saturday, family members and Saudi media said on Twitter.…

Bahraini crown prince meets Saudi officials in Riyadh King

Bahraini crown prince meets Saudi officials in Riyadh

Bahrain Crown Prince Salman bin Hamad Al-Khalifa held talks with Saudi officials in Riyadh this week. His visit…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1898 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government