Saudi Arabia’s Kingdom Holding, the investment firm of Prince Alwaleed bin Talal, said on Saturday its first quarter net profit rose by 11.3 percent year-on-year to SR100.8m ($26.88m).
The company said in a statement to the Saudi bourse its performance was boosted by the sales of its stake in Toronto’s Four Seasons Hotel and its share of the Oasis Kingdom project in Riyadh.
Prince Alwaleed’s fortune has increased by more than 18 percent, or $3.2bn, this year, according to the Bloomberg Billionaires Index, a daily ranking of the wealthiest people.
The Saudi prince’s wealth rose this year as shares of Kingdom Holding rose 36 percent, Bloomberg said.
On Wednesday, it was reported that Kingdom Holding is seeking a loan to help pay for the construction of the world’s tallest tower.
The company is said to be seeking to borrow as much as SR2bn ($533m) by the second half of the year, a source said.
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