Kingdom Holding’s Net Profit Rises 11.3% in Q1

Saudi Arabia’s Kingdom Holding, the investment firm of Prince Alwaleed bin Talal, said on Saturday its first quarter net profit rose by 11.3% year-on-year to SR100.8m.

The company said that its performance was boosted by the sales of its stake in Toronto’s Four Seasons Hotel and its share of the Oasis Kingdom project in Riyadh.

To be mentioned that Prince Alwaleed’s fortune has increased by more than 18%, or $3.2bn this year.

The Saudi prince’s wealth rose this year as shares of Kingdom Holding rose 36 %, as Bloomberg stated.

On Wednesday, it was reported that Kingdom Holding is seeking a loan to help pay for the construction of the world’s tallest tower.

The company is said to be seeking to borrow as much as SR2bln by the second half of the year.