News & Announcements

KINGDOM

21 July, 2024 16:04

Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company Signs an Agreement to Establish a new fund to Acquire Alinma Jeddah Economic City Fund Worth SAR 6.8 Billion

Element List	Explanation
Announcement Detail	Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company have signed an agreement to establish a new fund worth SAR 6.8 billion to acquire the Alinma Jeddah Economic Fund, which is currently fully owned by Jeddah Economic Company – an associate company. The new fund investors will include Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company. Where Kingdom Holding Company will own 40% of the new fund The financial impact of this agreement is expected to be announced after Jeddah Economic Company – an associate company – completes the financial impact in its accounting records.

Element List

Explanation

Announcement Detail

Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company have signed an agreement to establish a new fund worth SAR 6.8 billion to acquire the Alinma Jeddah Economic Fund, which is currently fully owned by Jeddah Economic Company – an associate company. The new fund investors will include Kingdom Holding Company, Sumou Holding Company, and Jeddah Economic Company. Where Kingdom Holding Company will own 40% of the new fund The financial impact of this agreement is expected to be announced after Jeddah Economic Company – an associate company – completes the financial impact in its accounting records.

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