Kingdom Holding Company (KHC) is a Saudi conglomerate that has interests in real estate, equity, and hotel management. It sold its residential complex, Kingdom City, for SAR900 million ($240 million) to a real estate fund connected to Alawwal Investment, which is wholly owned by First Saudi Bank.
One of the most well-known opulent residential complexes in the Saudi capital, Kingdom City is situated at the intersection of Al Thumama Road and King Abdulaziz Road in the Al Rabie neighborhood of Riyadh.
Ideal for residents and their families, the residential complex has 384 residential units in addition to other important amenities.
According to KHC, it stands out due to its proximity to prestigious ongoing and upcoming projects in Riyadh, including the King Salman Airport, the Sports Boulevard Project, the King Abdullah Financial Center, and the Roshan Front.
The complex will continue to be referred to as “Kingdom City,” according to the Saudi conglomerate.
KHC declared its next course of action, saying it will now take part in a new fund that owns “Kingdom City” and will reveal its percentage of ownership at a later time.
According to the statement, the Fund’s goal is to increase the residential complex’s income and enhance people’s quality of life by increasing operational effectiveness, raising the standard of care, and offering the best amenities.
With assets spanning six continents and more than SAR50 billion ($13.2 billion), KHC is a leading player in eighteen industries, including hotel management, real estate and hotel properties, digital media and entertainment, e-commerce, petrochemicals, financial and investment services, education, health care, aviation, transportation, alternative financing, and even more cutting-edge fields like energy, artificial intelligence, and mining.