| 30 Aug 2010 |
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SFG to facilitate SR700m Islamic refinancing of Kingdom Center
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RIYADH: Kingdom Holding CompanyKingdom Holding Company
(KHCKHC), chaired by Prince Alwaleed bin Talal, has announced a SR700-million refinancing of Kingdom Center (Trade Center Company Ltd.), chaired by Talal Ibrahim Al-Maiman, executive director for development and domestic investments and KHCKHC board member. The refinancing is Shariah-compliant through Samba Financial GroupSamba Financial Group (SFGSFG) for expansion and investment purposes. KHCKHC holds a 36 percent interest in Kingdom Center. The signing ceremony took place on Saturday at Kingdom HoldingKingdom Holding and attended by Prince Alwaleed and Eisa Al-Eisa, chairman of Samba Financial GroupSamba Financial Group. The signing was done by Talal Al-Maiman and Zaki Al-Mousa, board member of Samba Financial GroupSamba Financial Group. The ceremony was also attended by Shadi Sanbar, CFO, Ali Tabbal, deputy CFO, from KHCKHC, and Nada Al-Ateegi, general manager of Kingdom Center, Mukhtar Othman, finance manager from Kingdom Center, in addition to Naif Al-Baz from Samba Financial groupSamba Financial group.
Prince Alwaleed said: "The re-financing of Kingdom Center comes in light of KHCKHC's objective to continue to monetize and extract value out of the company's local investments portfolio."
The Kingdom Center, which occupies 94,230 square meters of land comprises the Al Mamlaka shopping mall, considered to be one of Riyadh's most prestigious shopping malls, and a 300-meter office tower, which was, when built, the tallest building in the Middle East.
In addition, Kingdom Center includes the mall containing 161 stores and total leasable area of 38,543 square meters. Its anchor tenants are Debenhams, with 8,364 square meters, and SAKS Fifth Avenue, with 5,273 square meters. The mall is targeted toward younger and more affluent shoppers and contains stores representing a number of international luxury brands. The third floor of the mall is for women only. Management estimates that approximately 230,000 persons visit the mall each week.
© Arab News 2010
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