The EGM panel was headed by Chairman Prince Alwaleed and included the KHC board members — Talal Al-Maiman, executive director for development and domestic investments, P.J Shoucair, executive director for international investments, Ahmed Halawani, executive director for private equity including Shadi Sanbar who is the CFO of KHC. The panel also included the independent board members of KHC, Dr. Khaled Al-Souhem, Ammar A. Alkhudairy and Taher Agueel.

The 100 percent affirmative vote, which was reached at the EGM, was in approval of the reduction of the company's authorized capital from SR63 billion to SR37.5 billion, or the equivalent of one share for every 1.7 share previously owned. 

Prince Alwaleed said: "The outcome of the EGM was positive. We promised and delivered, and the future outlook is very positive. Our future profitability is backed by solid strategy and hard work, in addition to the company's sound and promising investments locally, regionally and internationally."

Prince Alwaleed added: "The company has a very well defined vision and its executive team is fully committed to achieving the company's financial results and objectives."

The company's financial results of operations for the fourth quarter and the twelve months ended Dec. 31, 2009 announced recently, show a net income of SR155.5 million, an increase of 48 percent when compared to the results for the third quarter of 2009. The consolidated net income for twelve months totaled SR402.6 million.

The company received a generous personal grant from Prince Alwaleed by transferring the ownership of 180 million from his own private Citigroup shares, at no cost, at a value of SR2.24 billion to KHC's shareholders. This unprecedented gift has added substantial value to all shareholders and proved the level of commitment that the prince has toward the company's investors.

Kingdom Holding is continuing to pursue the development of its two real estate projects in Riyadh and Jeddah.

Kingdom Tower Jeddah, the world's tallest tower exceeding 1,000 m in height, will be the centerpiece of Kingdom City Jeddah, the largest, most comprehensive real estate development to be built on the Red Sea coast of the Kingdom. The project will include offices, villas, apartments, hotels, malls, marina, recreational areas, connecting bridges and much more. It is expected to become a world-leading tourist, business and residential centre and offer the best investment opportunity in the Middle East. The plans for the two colossal projects of Kingdom City and Kingdom Tower in Jeddah were inaugurated at the "Toward the First World" architectural exhibition that was held in Jeddah, with the support of Custodian of the Two Holy Mosques King Abdullah.

Kingdom City Riyadh is a unique city within a city, located on the Dammam highway northeast of Riyadh on an area of 16.8 million square meters. The project will consist of residential, commercial, offices and retail facilities. The city will also include a sports club, leisure, horse riding and education facilities, and open parks that meet international standards of quality and that are environmentally friendly.

KHC's portfolio has its main interests in local and international investments that include landmark hotel properties, hotel management companies, real estate, financial services, technology, media, retail, agriculture, manufacturing and aviation. KHC's local investments include Saudi Research and Marketing Group (SRMG), National Air Services (NAS), Kingdom Hospital, Consulting Clinics, Kingdom City, Kingdom Centre, Kingdom Schools, SAKS Fifth Avenue, Four Seasons Hotel Riyadh, SAVOLA and TASNEE (National Industrialization Company).