Kingdom Holding in deal with French group
Jeddah, June 12, 2014
Kingdom Holding Company and Caisse des Dépôts International Capital (CDCIC) has signed a deal to establish an investment vehicle to be jointly managed by the two companies.
The deal seeks to develop Saudi Arabian projects and ventures that will benefit from the involvement of French companies, technologies and know how, said a statement.
It will also help advance bilateral economic co-operation and trade and to facilitate access to long-term capital in both countries by companies engaged in economic co-operation between Saudi Arabia and France, it said.
To advance this partnership, a working group has been formed, co-chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding and Laurent Vigier, CEO of CDCIC.
The partnership seeks to attract investments across a broad range of sectors and asset classes, with a strong focus on opportunities promoting economic co-operation between the two countries and contributing to the growth and prosperity of both economies, said the statement.
Founded in 1980, KHC is a publicly traded company listed on the Saudi Stock Exchange (Tadawul) and has a diversified business organization in the field of investments and recognized as an elite player in the Gulf region and internationally. It portfolio of investments include luxury hotels management companies, real estate, petrochemical, media and publishing, entertainment, education, healthcare, services projects, aviation and agriculture.
CDCIC is the Caisse des Dépôts investment corporation dedicated to partnerships with sovereign wealth funds and other long-term institutional investors. - TradeArabia News Service