KHC continues with strategic projects

Updated 04 January 2013
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KHC continues with strategic projects

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), held a board meeting at mid-December at the company’s HQ in Riyadh. The meeting was attended by the KHC board comprising Ahmed Halawani, executive director for private equity, international investments and
member of the investment committee; Sarmad Zok, executive director of hotel investments and member of the investment committee, and the independent board members comprising Saleh Al-Sagri, Khaled Al-Saheem and Taher Agueel, and Rasha El Hoshan.
Prince Alwaleed also represented Talal Al-Maiman, executive director for development and domestic investments during the meeting in his absence. The meeting was also attended by Shadi Sanbar, KHC’s CFO, and Yasir Al-Salman, assistant executive manager, from KHC’s finance department.
The board meeting was held to oversee KHC’s performance in 2012, approve 2013 budget and operation strategy. Furthermore, the meeting outlined and fortified KHC’s diversified investment strategy, long term vision for growth and development, and for future prospective investment opportunities.
Prince Alwaleed commented: “Kingdom Holding is at its best form and we will continue with our strategic projects which in return will position the Kingdom of Saudi Arabia on the world’s investment map.”
Founded in 1980, KHC is a publicly traded company, which was listed on Tadawul (the Saudi Stock Exchange) in 2007.


Saudi issues new Islamic sukuk to finance budget

Updated 24 April 2018
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Saudi issues new Islamic sukuk to finance budget

RIYADH: Saudi Arabia said Tuesday it has completed the issuance of a new Islamic sukuk sale to help finance its budget deficit as the Kingdom accelerates borrowing despite rising oil prices.
The finance ministry’s debt management office said it raised $1.3 billion from the sale of sukuks in three tranches maturing in five, seven and 10 years.
This was the second sukuk sale this year following a $4.8-billion issue it completed last month.
Last week, the Kingdom also raised $11 billion in the sale of conventional bonds. In early March, it struck a deal to refinance a $10-billion loan and added another $6 billion to it.
The OPEC exporter has posted huge budget deficits since oil prices crashed about four years ago and resorted to the debt market to finance the shortfall.
It posted budget deficits totalling $260 billion since 2014 and is projecting a shortfall of $52 billion for this year, according to official figures.
The government debt level, both domestic and international, rose from 1.6 percent of gross domestic product in 2014 to 17.3 of GDP last year reaching $118 billion.
During the same period, the government has drawn down some $245 billion from its fiscal reserves.
Oil income made up more than 90 percent of public revenues before oil began to slide.