Alwaleed firm signs $800mn financing deal

PRINCELY SUM: Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Company has singed $800 million deal. (Getty Images)

Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Company signed a financing deal worth $800 million with a consortium of three banks for future investments, the investment firm said on Sunday.

The three banks are Samba, Riyad Bank and Banque Saudi Fransi, Kingdom Holding said in a statement.

"Although there is no immediate need for the facility, the company stands ready to evaluate opportunities and investments as they are presented to them," it said.

"The financing cost on this favourable borrowing will save the company approximately 90 million riyals or ($24 million) the equivalent of 30 million riyals annually, and further enchance the contribution to the company's bottom line," said Shadi Sanbar, the company's chief financial officer.

In June Kingdom Holding, which is Citigroup Inc's largest shareholder, bought a 30 percent stake in National Air Services (NAS).

The company posted a near 22 percent rise in second-quarter profit as local investment income offset drops in earnings from abroad. (Reuters)

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