HomeEnergy & SustainabilitySaudi’s Kingdom Holding unveils 3-year $3.4 bn investment program
By Economy Middle East
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August 15, 2022 4:55 pm

Saudi’s Kingdom Holding unveils 3-year $3.4 bn investment program

Including 1.97 billion riyals in Russian energy companies
Kingdom Holding
Saudi Prince Alwaleed Bin Talal

Kingdom Holding Company  (KHC) unveiled its investment program worth 12.8 billion riyals ($3.4 billion), according to a bourse filing.

In June, the company announced that it completed its investment program during the period between the second quarter of 2020 and Q2 2022.

The program invested in companies operating in diverse sectors with a proven track record of growth and strong financial position.

The company’s total investments amounted to 4.33 billion riyals in 2020, 3.75 billion riyals in 2021, and 4.73 billion riyals in 2022.

In addition, as part of its investment program, KHC invested 1.97 billion riyals (roughly $520 million) in Russian energy companies Gazprom, Rosneft, and Lukoil, between Feb. 22 and March 22, according to a company’s statement. 

Following Russia’s invasion of Ukraine on February 24, many Western nations imposed sanctions on Russian energy firms and their executives.

KHC said it invested 1.37 billion riyals in Gazprom and 196 million riyals in Rosneft on Feb. 22, and 410 million riyals in Lukoil from Feb. 22 to March 22.

Kingdom Holding is mostly owned by Saudi Prince Alwaleed Bin Talal, but Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), took a 16.87 percent stake in the company in May.

Saudi and Russia lead the OPEC+ group, an alliance formed in 2017 between the Organization of the Petroleum Exporting Countries(OPEC)and allied producers.