The signing ceremony took place on Saturday at Kingdom Holding and attended by Prince Alwaleed and Eisa Al-Eisa, chairman of Samba Financial Group. The signing was done by Talal Al-Maiman and Zaki Al-Mousa, board member of Samba Financial Group. The ceremony was also attended by Shadi Sanbar, CFO, Ali Tabbal, deputy CFO, from KHC, 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 group.

Prince Alwaleed said: “The re-financing of Kingdom Center comes in light of KHC’s objective to continue to monetize and extract value out of the company’s local investments portfolio.”

The Kingdom Center, completed in 2002, is an iconic building and one of Saudi Arabia’s most identifiable landmarks.

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.