Alwaleed’s Kingdom Holding set to close $1bn loan deal

Time: October 02, 2018  

Kingdom Holding will sign $1bn loan deal ‘imminently’, says CEO Talal Bin Ibrahim Al Maiman

Kingdom Holding Co will soon close a $1 billion loan, the first time Prince Alwaleed Bin Talal’s investment firm has borrowed since his detention last year.

Kingdom Holding Co will soon close a $1 billion loan, the first time Prince Alwaleed Bin Talal’s investment firm has borrowed since his detention last year.

Kingdom Holding will sign the deal “imminently” with a group of international and local banks, CEO Talal Bin Ibrahim Al Maiman said in a phone interview from Riyadh.

The investment firm, which started discussions with banks about the borrowing last October, hasn’t been in a rush to close the loan because it’s had enough cash to finance its investments, he said.

Talks for the financing were put on hold in November after Alwaleed, the 67th-richest person in the world, was among princes, ministers and senior officials who were held at the Ritz-Carlton for almost three months.

Kingdom Holding revived the talks with local and international banks in March and the loan was going to be backed by the company’s stake in Banque Saudi Fransi, people familiar said at the time.

Recent discussions were delayed after some banks on the deal had requested higher rates on the loan following Alwaleed’s arrest, people familiar with the matter said this week.

Al Maiman said the arrest hasn’t impacted the terms of the loan and that Kingdom Holding has several investment opportunities it’s currently considering, some of which could be funded by the loan.

After his release in January, Alwaleed sought to reassure business partners that his empire was intact, and said he’d signed a “ confirmed understanding” with Saudi authorities that left him free to function normally with “zero guilt” and “zero conditions.”

Since his release, Alwaleed has returned to dealmaking, with the acquisition of a 2.3 percent stake in Snap Inc, the parent of Snapchat, in a deal valued at $250 million, and a SR1 billion ($267 million) investment in Paris-based music streaming company Deezer.

This article was first published in Arabian Business

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Alwaleed’s Kingdom Holdings posts 12% increase in Q2 net profit

August 09, 2018

Saudi billionaire and founder of Kingdom Holding Prince Alwaleed Bin Talal has made recent investments in Snap and music streaming company Deezer. His investment vehicle Kingdom Holding has seen its second quarter net profit climb on the back of higher revenue. Bloomberg

Saudi Arabia’s Prince Alwaleed bin Talal’s Kingdom Holding reported a 12 per cent increase in second quarter net profit on the back of a rise in hotels and other operating revenues.

The Riyadh-listed company’s net profit for the period ending June 30 climbed to 243 million riyals (Dh238m) compared with the same period a year earlier, it said on Thursday in a regulatory filing with the Tadawul market, where the firm’s shares are traded.

In addition to an increase in hotels and operating revenues, the company recognised a rise in income and gain on investments, an increase in dividend income and a rise in share of results from equity accounted investees, the company said.

Revenue surged 54 percent to 832m riyals in the second quarter from the same period a year earlier. The company’s share price was up 1 per cent at 11:46am Riyadh time.

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Prince Alwaleed’s Kingdom and Ashkenazy sue owner of New York Plaza Hotel

Alwaleed’s Kingdom and partners to sell New York Plaza for $600m

Exclusive: Kingdom Holding said to be planning more hotel sales

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Alwaleed recently acquired a 2.3 per cent stake in app maker Snap for $250m, which he said “is one of the most innovative social media platforms in the world” and is only just beginning to “scratch the surface of its true potential.” Earlier this month the prince, who was freed in January following an anti-corruption crackdown in the kingdom, said he invested one billion riyals in Paris-based music streaming company Deezer through Kingdom Holding and Rotana Group.

Prior to the investments in Snap and Deezer, the last investment made by Alwaleed prior to his detention in November was the acquisition of a 16.2 per cent stake in Banque Saudi Fransi from France’s Credit Agricole in September 2017.

This article was first published in  The National

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Alwaleed’s firm takes $266.7 mln stake in music streaming service Deezer

Time : August 02, 2018

File photo of Prince Alwaleed bin Talal of Kingdom Holding. (AFP)

Prince Alwaleed bin Talal’s Kingdom Holding has completed a 1 billion Saudi riyal ($266.7 million) deal to buy newly issued shares in the French music streaming service Deezer, the company said in a statement on Thursday.

Shares in Deezer will be bought through Kingdom Holding and Rotana Group, a Saudi-based entertainment company wholly owned by the Saudi billionaire which produces a series of channels covering music, cinema, religion, news and drama.

The statement did not provide any further details on the stake or the number of shares acquired.

Rotana and Deezer also signed an exclusive long-term agreement to distribute Rotana’s popular audio and video content in the Middle East and North Africa.

“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders,” the statement quoted Prince Alwaleed as saying.

“The signing of this distribution agreement will move Rotana to the international arena.”

Alwaleed has investments in a number of international companies including Citigroup Inc and Twitter.

This article was first published in  Alarabiya

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Al-Waleed tweets about meeting with Crown Prince Mohammed bin Salman

Time : July 13, 2018

Saudi Crown Prince Mohammed bin Salman with Prince Al-Waleed bin Talal, the Chairman of the Riyadh-based Kingdom Holding. (Twitter photo)

Prince Alwaleed bin Talal published a picture of him with Crown Prince Mohammed bin Salman who received him.

They discussed economic matters, the future of the private sector and its role in the success of the Kingdom’s Vision 2030, according to the tweet by Prince Alwaleed. He added that Kingdom Holding Company will be the largest supporter of the vision by investing in many sectors.

He wrote: “I was honored to meet with His Highness the Crown Prince and discuss economic matters, the future of the private sector, its role in the success of Vision 2030, and the benefits that will accrue to the homeland, the citizen and the private sector, we will be one of the biggest supporters to the vision through the Kingdom Holding with its participation in more than one investment sector.”

 

This article was first published in  Alarabiya

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Saudi Prince Alwaleed Pledges Support For Crown Prince’s Reforms

Time : July 13, 2018

RIYADH (Reuters) – Saudi Arabian billionaire Prince Alwaleed bin Talal, who was detained for three months in an anti-corruption campaign under Crown Prince Mohammed bin Salman, pledged support on Thursday for the young leader’s program of sweeping reforms.

FILE PHOTO: Saudi Arabia’s King Salman bin Abdulaziz Al Saud stands next to Saudi Arabian billionaire Prince Alwaleed bin Talal (R) during a ceremony of the traditional Ardha sword dance as part of the activities of Janadriyah Culture festival, in Riyadh, Saudi Arabia February 20, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

 

“I was honoured to meet with my brother HRH the Crown Prince and to discuss economic matters and the private sector’s future & role in #Vision2030 success,” he tweeted with a photograph of the royal cousins embracing in front of a desk.

It is the first publicly disclosed meeting between the two men since the anti-corruption crackdown was launched in November.

“I shall be one of the biggest supporters of the Vision through @Kingdom_KHC & all its affiliates,” Prince Alwaleed added, referring to his international investment company.

Vision 2030 is Prince Mohammed’s scheme to wean the world’s top crude exporter off oil revenues and open up Saudis’ cloistered lifestyles. The corruption sweep alarmed the Saudi business community as well as international investors the kingdom is courting to support the reforms.

Prince Alwaleed, the kingdom’s most recognized business figure, was freed in January after being held at Riyadh’s Ritz-Carlton Hotel along with scores of royals, senior officials and businessmen, most of whom reached financial settlements with the authorities.

He said in March he had cut a deal but declined to disclose the details. He said he was in discussions with the Public Investment Fund, the sovereign wealth fund chaired by the crown prince, about making joint investments inside the kingdom.

He previously told Reuters that he was innocent and expected to keep full control of his firm.

In the absence of more information, speculation has run rampant about whether Prince Alwaleed secured his freedom by forfeiting part of his fortune – once estimated by Forbes magazine at $17 billion – or stood up to authorities and won.

 

This article was first published in  Reuters

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Prince Alwaleed reveals planned new investments in Saudi Arabia

Time: July 01, 2018

LONDON: Billionaire Saudi Prince Alwaleed bin Talal has revealed plans for a string of new investments in his first interview since being detained at the Ritz-Carlton in Riyadh.
Speaking exclusively to Bloomberg Television, he said that life was now “back to normal” as he gave an intriguing inside account of his detention as part of the Saudi government’s high profile anti-corruption drive.
The Kingdom Holding chief was one of the most high-profile figures to be detained at Riyadh’s Ritz-Carlton Hotel as part of a widespread anti-corruption drive.
In a television interview with Bloomberg, a fast-talking Alwaleed said: “I am for the anti-corruption that took place in Saudi Arabia. Now, unfortunately, I was added to that group. But fortunately, I’m out of it right now and life is back to normal.”
The prince, once dubbed the Warren Buffett of Saudi Arabia, was released from the Ritz-Carlton hotel in early January.
He was among about 350 suspects rounded up since Nov. 4, including some of the Kingdom’s most senior businessmen. As a major investor in several global corporations, his detention sent shockwaves through boardrooms around the world.
Now, after being released, he wants to reassure investors of continuity across his sprawling business empire. “I need to clear my name,” he said. “And to clear up a lot of lies.”
Specifically, Alwaleed rejected claims that he was tortured, detained in a prison and was forced to abandon work on the world’s tallest tower under construction in Jeddah, and instead transfer workers to the recently announced Neom mega-project instead.
To reinforce that point, he held up a letter that he said was from Saudi Binladin Group, the main contractor on the 1,000-meter tower.
He said: “It says the following: ‘Saudi Binladin Group would like to assure Jeddah Economic Company that it remains committed to the completion of the Jeddah project.”
Alwaleed said that no charges had been brought against him and described his detention as a “misunderstanding.”
Asked if it cost him anything to leave, he said: “I will not comment on the content of the agreement between me and the government.”
The prince also revealed how he spent his time at the now world-famous Ritz-Carlton Hotel in Riyadh.
“I really divide my time into a lot of sports, a lot of walking, a lot of meditation, a lot of watching news, a lot of praying.”
The vegan prince said that while he would usually have two meals a day, when he was at the hotel he would instead have six small meals.
But while the interview painted a fascinating picture of his time at the Ritz-Carlton, the precise details of his agreement with the Saudi government were not disclosed.
Still, Alwaleed did reveal that plans were under consideration to spin off some his company’s property holdings in Saudi Arabia into a separate entity which could be a real estate investment trust (REIT).
He said that his company had invested more than $3 billion in Saudi Arabia last year and that Kingdom Holding planned to raise between $1 billion and $2 billion of new debt.
Alwaleed also revealed plans to co-invest with Saudi Arabia’s Public Investment Fund.
“Yes, this will happen. We are in discussion right now with PIF, so we co-invest in certain projects, yes,” he said.
Alwaleed’s interview comes just days after another Ritz-Carlton detainee, Waleed Al-Ibrahim, also outlined new business plans following his release.
The MBC chairman described plans for a new joint venture with the government in an interview with The Wall Street Journal.

This article was first published in Arab News

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Saudi’s Prince Alwaleed in move to buy New York’s Plaza Hotel

09 May 2018

Ashkenazy Acquisition and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co have excercised their right of first refusal to match a $600m offer

Ashkenazy Acquisition and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co. have exercised a right of first refusal to match a $600 million offer for New York’s Plaza Hotel, in a move that would scuttle another group’s agreement to buy the property, according to a person with knowledge of the matter.

Ashkenazy and Kingdom have less than two weeks to come up with a deposit and proof of funds for the total or their deal will be cancelled, said the person, who asked not to be identified because the details of the deal are private.

A cancellation would reinstate the earlier agreement, signed by Shahal Khan and Kamran Hakim, the person said.

Ashkenazy, led by billionaire founder Ben Ashkenazy and Vice Chairman Michael Alpert, acquired a minority stake in the chateau-style hotel and the right to buy the property last May.

Last week, Khan, founder of Dubai-based family office White City Ventures, confirmed that he had an agreement to acquire the hotel along with Hakim, of New York landlord Hakim Organization.

They agreed to pay $600 million for the hotel in a deal that was set to be completed on June 25, and talked up plans to use the hotel to launch a global brand.

Majority owner Sahara India Pariwar has been trying to sell its stake, in part because its chairman, Subrata Roy, is under pressure from the Indian government, which has ordered him to return billions of dollars to investors.

Representatives of Ashkenazy Acquisition, Kingdom Holding, White City Ventures and the Hakim Organization didn’t respond to requests for comment.

Jeff Davis, an international director at Jones Lang LaSalle and the broker representing Sahara, declined to comment on the latest development. The exercise of the option was reported earlier Tuesday by the New York Post.

The rapid reversal marks the latest twist in the Plaza’s history. The hotel opened 111 years ago and is known as the home of the children’s-book character Eloise.

Among its prior owners is President  Donald Trump, who was forced to sell it more than two decades ago as part of a bankruptcy. He also married his second wife, Marla Maples, there.

A previous owner, Elad Group, controlled by Israeli billionaire Yitzhak Tshuva, converted part of the Plaza to condominiums. The hotel portion is managed by Fairmont Hotels & Resorts, a unit of France’s Accor SA.

This article was first published in Arabian Business

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Prince Alwaleed’s firm sells Movenpick Hotels to AccorHotels for $567m

Time: May 01, 2018

Prince Alwaleed bin Talal’s Kingdom Holding and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels .

The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.

AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group’s ambitious takeover strategy. Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East.

Earlier this year, Kingdom sold its stake in the Four Seasons Hotel in Beirut for around $100-115 million including debt, sources had told Reuters.

Prince Alwaleed, the kingdom’s most recognised business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton hotel for three months on the orders of his cousin Crown Prince Mohammed bin Salman as part of an anti-corruption crackdown.

Alwaleed, a nephew of Saudi King Salman, is closely watched in international markets because of investments in companies such as Citigroup Inc and Twitter.

 This article was first published Khaleej Times
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HRH Prince Alwaleed Bin Talal

Apr 30, 2018

                                                   Chairman

                                                      Kingdom Holding Company

To learn more about HRH Prince Alwaleed visit: alwaleed.com.sa

To learn more about the Alwaleed Philanthropies visit: AlwaleedPhilanthropies.org

“The question is not where KHC is as a company right now, or even what it has achieved to date. The big question is what the future holds, and if we can continue to deliver the same spectacular level of growth and success? The simple answer is ‘yes’, and furthermore we’re well placed to even exceed what has been achieved before.” Alwaleed Bin Talal – Chairman

The central figure behind KHC, one of the world’s unrivalled international holding companies, is His Royal Highness Prince Alwaleed Bin Talal Bin Abdul-Aziz Alsaud of Saudi Arabia. Named twice by Forbes Magazine as one of the world’s most intelligent and creative investors, Prince Alwaleed sets the agenda for KHC’s world operations, providing a guiding vision which has seen remarkable success and worldwide recognition.

The grandson of two of the Arab world’s most celebrated figures – King Abdul-Aziz Alsaud, founder and first ruler of Saudi Arabia and HE. Riad El Solh, iconic statesman in Lebanon’s drive for independence – Prince Alwaleed has always been inspired by the uncommon achievements of his family line.

In addition to the Prince’s business interests, HRH funds a series of highly respected charitable foundations aimed at affecting social change and providing relief and opportunities to those in need. In recognition for this important contribution, Prince Alwaleed has been the recipient of many honors and accolades from esteemed organizations, societies, monarchs and heads of state worldwide.

In 1979, Prince Alwaleed formed his own company, Kingdom Establishment for Commerce and Trade – the company that would, in 1996, become KHC. Having completed his first major deal, Prince Alwaleed chose to invest the profits into Riyadh real estate – a shrewd decision that, in many ways, proved to be the foundation KHC’s success.

While analyzing other opportunities for potential value, Prince Alwaleed began to investigate the Saudi banking sector. In 1988, the company acquired a controlling stake in the ailing United Saudi Commercial Bank (USCB). With a change in management and the Prince’s guidance, USCB’s fortunes were rapidly transformed, becoming the most profitable Saudi Arabian commercial bank in just one year. With stocks in USCB having multiplied twenty-fold, the Prince negotiated a merger with the struggling Saudi Cairo Bank to create the United Saudi Bank (USB). Prince Alwaleed then began to view the dominant Saudi American Bank (SAMBA) as a source of managerial strength and leadership that could add real value to USB. In 1999, the merger was completed, forming one of the largest banking groups in the region.

In the early 1990s it was almost unthinkable that a Saudi Arabian, and a Royal at that, would burst onto the global banking investment scene from seemingly nowhere – but in 1991 that is exactly what happened. Effecting a significant coup that would catapult him into the global spotlight, HRH invested heavily in Citibank (subsequently Citigroup) stocks in a bold move that surprised many. That surprise rapidly turned into admiration as the Prince’s guidance helped restore the banking giant to full health, returning it to its place as the world’s leading financial institution. Prince Alwaleed’s investment in Citigroup has since delivered an extraordinary level of return, and represents the largest proportion of HRH’s personal wealth.

Whilst the banking sector is an important part of Prince Alwaleed’s long-term investment strategy, KHC is always looking to expand his operations to other markets. Accordingly, KHC has acquired substantial interests in other sectors including hotels, real estate, media, broadcasting, entertainment, information technology, communications, fashion retail, supermarkets, health and education.

To learn more about KHC’s diverse portfolio of holdings by sector, please visit our investment sectors homepage.

PHILANTHROPY

Alwaleed Philanthropies supports and initiates projects around the world, regardless of gender, race or religion. We collaborate with a range of philanthropic, governmental and educational organizations to combat poverty, empower women and the youth, develop communities, provide disaster relief and create cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world.

Since the early 1980s, His Royal Highness Prince Alwaleed Bin Talal has worked with a tireless commitment to give back to society – at both a local and global level. With an endless passion for philanthropic activities that foster understanding, unity, wellbeing and opportunity for all humankind, Alwaleed Philanthropies was born.

Alwaleed Philanthropies consists of three philanthropic organizations: Alwaleed Philanthropies Global, focusing on philanthropic and humanitarian projects around the world, Alwaleed Philanthropies Lebanon, which is focused on the social and community needs of Lebanon, and Alwaleed Philanthropies Saudi Arabia, which focuses on the needs of the Kingdom of Saudi Arabia.

For over 35 years, we have supported thousands of projects in over 90 countries and served millions of people across the globe.

And our work is only just beginning.

With the mounting problems of understanding, equity, poverty and disasters facing the world, our work is more necessary than ever before. Building on our proven history, we will continue to play an active role, finding intelligent solutions to the world’s most pressing issues with empathy, dedication and commitment.

 

HRH PRINCE ALWALEED – PERSONAL PHILOSOPHY

As the grandson of both the beloved first King of Saudi Arabia, King Abdul-Aziz and HE. Riad El Solh, the iconic statesman in Lebanon’s drive for independence and its first Prime Minister, HRH Prince Alwaleed Bin Talal was born to a family of exceptional achievement. The Prince’s reputation extends well beyond the borders of the Middle East as a result of his high profile involvement in Kingdom Holding Company – one of the world’s most successful investment companies.

As a man of significant wealth and influence, Prince Alwaleed is humbled when people look to him for advice and guidance on issues such as religion, global peace and how society should adapt to best meet the challenges of the 21st Century. In his work both as a entrepreneur and Saudi Royal, Prince Alwaleed has been fortunate enough to travel to over 150 countries worldwide, meeting over 250 heads of state and world leaders in the process. These experiences have profoundly affected the Prince in both his personal outlook and philosophy – he believes that it is his duty as a devout Muslim to use his influence and connections to promote understanding and peace between people, and to improve the lives and prospects of those in need, regardless of nationality, race or creed.

Prince Alwaleed is a lifelong student of Islam, and proud to live his life in respect to the five pillars of the religion. The Prince spends a great deal of time reading the holy Qur’an and meditating on its teachings as part of a personal quest to understand the words of the Prophet (PBUH) and correctly interpret this wisdom for the modern world. The Prince describes himself as being religiously conservative, but with a liberal outlook on the social and cultural aspects of contemporary Islam. For instance, Prince Alwaleed is a keen supporter of women’s rights, and is working towards improving female prospects across the Arab world through his foundations.

Prince Alwaleed firmly believes in the Qur’an’s teachings about peace and tolerance. It is his opinion that all religious beliefs are valid and should be respected as such. One of Prince Alwaleed’s lifetime aims is to initiate meaningful dialogue and discussion between Islam and other world cultures to diffuse unnecessary tensions and set a path towards openness, understanding and peace. The Prince has been outraged by the violent actions of an extreme minority that have so hatefully obscured the dignity and peaceful teachings of Islam, and is determined to use his high profile to support peace and initiate positive change for every citizen of the world.

This article was first published in Kingdom

Prince Alwaleed supports Saudi’s anti-corruption crackdown

Time: March 19, 2018

Saudi Arabian billionaire Prince Alwaleed bin Talal said that he supported the kingdom’s sweeping crackdown on corruption in which he was detained along with more than 200 other high-profile figures.

“I am for the anti-corruption [crackdown] that took place in Saudi Arabia. Now, unfortunately, I was added to that group, but fortunately, I am out of it right now and life is back to normal,” he told Bloomberg’s Erik Schatzker in an interview set to air on Tuesday.

“So, I am not a person who is going to come and say – you know – I forgive but don’t forget. I say ‘I forgive and I forget’ at the same time also.”

Prince Alwaleed, one of the country’s most prominent tycoons, was released late January after more than two months of detention at the opulent Ritz-Carlton hotel in Riyadh.

Mr Schatzker said that Prince Alwaleed confirmed an agreement was reached between him and the Saudi government, the details of which have yet to be disclosed.

Prince Alwaleed continued to maintain his innocence of any corruption, saying in an earlier interview with Reuters that his detention was a misunderstanding

He also has said that he expected to keep full control of his global investment firm Kingdom Holding and that he supported reform efforts by Saudi Crown Prince Mohammed bin Salman.

Directly or indirectly through Kingdom Holding, Prince Alwaleed holds stakes in firms, such as Twitter Inc and Citigroup Inc, and has invested in top hotels including the George V in Paris and the Plaza in New York. His net worth has been estimated by Forbes magazine at US$17 billion.

More than 200 royals, officials and businessmen were arrested in the probe in November last year as part of a crackdown launched by Crown Prince Mohammed to fight corruption in the country.

This article was first published in The National

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