Prince Alwaleed commented: “Kingdom Holding Company will continue to achieve strong results and distribute dividends.”
Even with the effects of the regional conflicts, the company continues to experience improving results from local and real estate investments.
Prince Alwaleed added: “I am confident that our strong results will continue with our very well defined vision particularly after having commenced with the execution of the real estate projects in Riyadh and Jeddah as previously planned.”
KHC recently initiated a decision to build the world’s tallest building in Saudi Arabia. The contract for construction has been signed and Kingdom Tower, with a height of over 1,000 meters, will begin construction in Jeddah. Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company’s new urban development of more than 5.3 million square meters of land in the north of Jeddah overlooking the Red Sea and Obhur Creek.
KHC also recently announced that it had sold 1 million sqm of land west of Kingdom Riyadh land for SR250 per sqm to the Real Estate Investment Company Ltd., one of its subsidiaries 38.89 percent owned by KHC for the development of the second Kingdom City as the first Kingdom City was opened in 1999 and has 100 percent occupancy. On the east end of the Kingdom Riyadh land is Kingdom Oasis, which has a main and complete infrastructure where a Four Seasons Hotel will be developed.
