The arrest of Walid bin Talal disrupts investment
21:00 - 20/11/2017
Information / follow-up ...
Four well-known banking sources said that the kingdom's plan to borrow to finance new investments had been disrupted by the detention of Prince Alwaleed bin Talal as part of a Saudi anti-corruption campaign.
Kingdom Holding has been in contact with banks to obtain the loan, but the financing plan has been suspended because lenders fear the possible repercussions of funding the prince's captive company, the sources said.
A source with an ongoing loan event told Reuters that the financing could be worth about 5 billion riyals ($ 1.3 billion).
In response to a request for comment, Mohammed Fahmy, the kingdom's finance director, said the company did not ask any bank to make a formal commitment to the loan. Stressing that the terms of any financing agreement has never been completed