Kingdom Holding Company (KHC), a Saudi conglomerate based in Riyadh, traces its roots back to its founding by Prince Alwaleed Bin Talal in 1979 as the Kingdom Establishment for Commerce and Trade, later evolving into the Kingdom Holding Company. Prince Alwaleed's strategic investment in Riyadh real estate after the success of the company's first major deal laid the groundwork for KHC's early triumphs. Today, the conglomerate's diverse portfolio encompasses sectors such as banking and finance, aviation, hospitality, e-commerce, digital services, real estate, healthcare, and education.
As of 2022, Forbes Middle East reports that Kingdom Holding Company, valued at $9.6 billion, is the largest company in Saudi Arabia. The conglomerate aspires to be one of the most visible investment companies globally, attracting leading global brands across various industries. It aims to embody qualities such as quality, attention to detail, and consistent stakeholder returns in its performance and delivery.
Kingdom Holding Company's extensive portfolio includes holdings in various companies and initiatives. In real estate, it has a stake in projects like Jeddah Economic City, Kingdom Centre in Riyadh, Kingdom City, and ongoing initiatives aligned with the Kingdom of Saudi Arabia's Vision 2030.
Kingdom Hotel Investments (KHI), a subsidiary fully owned by KHC, globally manages the conglomerate's extensive hospitality portfolio. Notably, KHC is involvement with Four Seasons Hotels and Resorts since 1994.
KHC's hotel real estate portfolio boasts iconic establishments, including The Savoy Hotel in London, acquired in 2005 through a partnership with Halifax Bank of Scotland, and a significant stake in Accor, which operates nearly 4,900 hotels worldwide.
In the aviation sector, Flynas, launched in 2007 as NasAir, stands as a leading low-cost carrier operating 30 aircraft and serving 35 domestic and international destinations. Launched in 1999, NasJet is a full-service private aviation company equipped with the requisite licenses and expertise for successful private jet operations and maintenance.
In the real estate sector, KHC holds a significant stake in transformative projects such as Jeddah Economic City, Kingdom Centre in Riyadh, Kingdom City, and other ongoing initiatives aligned with the Kingdom of Saudi Arabia's Vision 2030 goals. KHC's wholly-owned subsidiary, Kingdom Hotel Investments (KHI), serves as the steward of the conglomerate's hospitality platform on a global scale. KHC's longstanding partnership with Four Seasons Hotels and Resorts has been notable in this domain since 1994. KHC's involvement extends to iconic hotel real estate holdings, including The Savoy Hotel in London, acquired in partnership with Halifax Bank of Scotland in 2005, and its collaboration with Accor, offering distinctive experiences in nearly 4,900 hotels worldwide.
In the aviation sector, KHC collaborates with with Flynas. This leading low-cost carrier commenced operations in 2007 under the name NasAir. Flynas operates a fleet of 30 aircraft, serving 35 domestic and international destinations. Additionally, KHC's presence extends to NasJet, a full-service private aviation company established in 1999, equipped with the necessary licenses and expertise to operate and maintain private jets successfully.
Kingdom Holding Company hired Captain Hanadi Zakaria al-Hindi, the first Saudi female commercial pilot, who underwent training at the Mideast Aviation Academy in Jordan.
The company is the owner and lead developer of the iconic Kingdom Centre in Riyadh, Saudi Arabia. Venturing beyond the borders of Saudi Arabia, Kingdom Holding is actively engaged in investment activities in sub-Saharan Africa through its subsidiary, Kingdom Africa Management. This private equity firm, with bases in South Africa, Ghana, and Nigeria, operates under the leadership of J. Kofi Bucknor, focusing on growth equity investments that contribute to economic development in the region.
In 2007, Kingdom Holding made headlines with its commitment to purchase an Airbus A380, colloquially known as the "Flying Palace," for $485 million. However, subsequent developments, as communicated by the company's chief financial officer, revealed that the plane has been sold. This dynamic approach to investments reflects the company's adaptability and strategic decision-making.
Additionally, Kingdom Holding strategically managed its portfolio through a significant divestment in April 2010. The company sold a portion of its stake in Raffles Holdings International for approximately $847 million in a deal that involved a group of investors, including an affiliate of Qatar’s sovereign wealth fund.
In August 2011, Kingdom Holding made headlines again by unveiling ambitious plans for the construction of Jeddah Tower, a groundbreaking project set to become one of the tallest buildings globally.
Amin H. Nasser
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