Kingdom Holding, Sumou, Jeddah Economic ink deal to set up SAR 6.8B fund

21/07/2024 Argaam

Kingdom Holding, Sumou, Jeddah Economic ink deal to set up SAR 6.8B fund

Logos of Sumou Holding Co., Jeddah Economic Co. and Kingdom Holding Co.

Kingdom Holding Co. (KHC), Sumou Holding Co., and Jeddah Economic Co. (JEC) ssigned an agreement to establish a new fund worth SAR 6.8 billion to acquire Alinma Jeddah Economic City Real Estate Fund, which is currently wholly owned by JEC, according to a statement to Tadawul.

 

A triple alliance of KHC, Sumou and JEC was formed to invest in the new fund, it stated.

 

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KHC will own 40% of the new fund, the statement added.
KHC expects to announce the related financial impact once JEC, an associate, completes the relevant financial valuation and auditing.

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