Described as an "Unprecedented Move" in its very own press release, the shift effectively puts $600 million into the holding company, which is 94 percent owned by the Prince Al-Waleed himself.
Prince Al-Waleed labeled the difficult economic climate as the cause for this move and said, "We are also confident that these measures will ensure the continuous development of KHC and helps it to withstand the negative repercussions of the global economic crisis.”
Kingdom Holdings invests in a broad set of stocks, bonds, and real estate. Its real estate investments include both Saudi and international assets. Of particular interest, as noted in the press release and at FT Alphaville, is Kingdom Holdings two massive real estate projects in Saudi Arabia, Kingdom City Riyadh and Kingdom City Jeddah. The latter includes a tower which will rise over 3280 ft.
That makes it slightly larger than its key regional competitor, the Burj Khalifa tower recently opened with much fanfare in Dubai. That tower was renamed for the man who orchestrated its bailout, President of the United Arab Emirates Sheikh Khalifa Bin Zayed Al Nahyan.
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