Kingdom Holding, the Saudi Arabian investment firm owned by Prince Alwaleed bin Talal, has finalized a deal to sell half of its ownership in global hospitality business Four Seasons for 8.29 billion Saudi riyals ($2.21 billion).
The Saudi conglomerate got cash profits from the sale after authorities authorized it, the firm said in a statement to the Tadawul stock market, where its shares are listed, on Wednesday.
Kingdom Investment Company, a subsidiary of Kingdom Holding, agreed to sell a 23.75 percent stake in Four Seasons to FS Washington Acquisition Corporation in September.
Following the transaction, the corporation kept a 23.75 percent stake in the worldwide hotel and resort operator.
“The estimated benefit of 5.9 billion riyals will be recognized in the first quarter of 2022,” stated Kingdom Holding.
Kingdom Holding’s business activities range from aviation to banking and finance, e-commerce, education, hotel management, healthcare, hospitality real estate, petrochemicals, and private equity.
CitiGrop, JD.com, global hotel business Accor, and ride-sharing companies Uber, Careem, and Lyft are among the foreign enterprises in which the Riyadh corporation has an interest.
In Saudi Arabia, the firm owns Kingdom Hospitals and Kingdom Schools, as well as Saudi petrochemicals company Tasnee, budget airline flynas, private aviation company NasJet, and digital services company Dareez.