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Sun 13 Feb 2011 06:44 PM

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Kingdom Holding sells land to develop second ‘Kingdom City’

Land was sold to subsidiary Real Estate Investment at SR250 a sq m, bank loan has been secured for project

Kingdom Holding sells land to develop second ‘Kingdom City’
“Our Saudi real estate projects are solid anchors for Kingdom Holding’s profitability,” Prince Alwaleed said

Kingdom Holding Co, the Saudi investment firm controlled by
Saudi billionaire Prince Alwaleed bin Talal, has sold one million sq m of land
to its subsidiary Real Estate Investment Co.

The land was sold at
SR250 a sq m and will be used to develop the second ‘Kingdom City’, the company
said in an emailed statement on Sunday.

Real Estate Investment, which is 38.89 percent owned by
Kingdom Holding, received a loan from Banque Saudi Fransi for the project, it
said.

The existing Kingdom City, which is owned and operated by Real
Estate Investment, opened in 1999 and claims to have 100 percent occupancy.

“Our Saudi real estate projects are solid anchors for
Kingdom Holding’s profitability,” Prince Alwaleed said in the statement.

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