x Abu Dhabi, UAESunday 21 January 2018

Prince Alwaleed's Kingdom Holding completes $80m land sale

The Saudi Arabian investment company has sold a plot of land east of Saudi Arabia's capital to Subul Development.

Saudi Arabia's Kingdom Holding, the investment vehicle owned by billionaire Prince Alwaleed bin Talal, has sold a plot of land east of the Saudi capital to Subul Development, a bourse filing said on Sunday.

The one million square metres of land near Riyadh was sold for 300 million riyals ($80 million), giving Kingdom a profit of 185 million riyals, which will be booked in the company's fourth-quarter results, the statement added.

Kingdom, which holds minority stakes in some of the world's top companies including Citigroup, News Corporation and microblogging site Twitter, sold New York's Plaza Hotel last month to an Indian conglomerate for a $32.9 million profit.