Kingdom Holding Company (KHC), a Saudi-based investment firm, has announced the sale of one million sq m of land west of its mixed development project 'Kingdom Riyadh Land' for SR250 million ($66.6 million).

Real Estate Investment Company, a KHC subsidiary, clinched the deal to develop the second “Kingdom City.”

KHC, the investment company chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, said the second “Kingdom City” will provide increased facilities for residents, to benefit from the infrastructure and other planned projects by the developers with co-operation with the concerned parties.

Real Estate Investment Company, which is 38.89 per cent owned by KHC, has acquired a loan from Banque Saudi Fransi to fund this project.

The first Kingdom City was opened in 1999 and has 100 per cent occupancy, said a KHC statement.

Commenting on the deal, Prince Alwaleed said, “Our Saudi real estate projects are solid anchors for Kingdom Holding’s profitability.”

Talal Almaiman, executive director for Development and Domestic Investments: “This step is aimed at broadening the activities of the Real Estate Investment Company to benefit from its marketing and operations’ ability as it owns and operates “Kingdom City” residential compound in Riyadh.”

On the east end of the Kingdom Riyadh land is “Kingdom Oasis” which has a main and complete infrastructure where a hotel will be developed and announced very soon.

KHC recently awarded Omrania the contract to design the master plan and infrastructure of the 16 million sq m Kingdom Riyadh Land.-TradeArabia News Service