Saudi’s Kingdom Holding Completes $80m Land Sale

The company made a profit of SAR185 million on the sale of the land located near Riyadh.

Saudi Arabia’s Kingdom Holding, the investment vehicle owned by billionaire Prince Alwaleed bin Talal, has sold a plot of land east of the Saudi capital to Subul Development Co, a bourse filing said on Sunday.

The one million square metres of land near Riyadh was sold for SAR300 million ($80 million), giving Kingdom a profit of SAR185 million, which will be booked in the company’s fourth-quarter results, the statement added.

Kingdom, which holds minority stakes in some of the world’s top companies including Citigroup Inc, News Corporation and microblogging site Twitter, sold New York’s Plaza Hotel last month to an Indian conglomerate for a $32.9 million profit.