Kingdom Holding Co., the investment firm of Saudi Arabian billionaire Prince Alwaleed Bin Talal Al Saud, is in talks with banks to cut borrowing costs on a $550 million loan, four people with knowledge of the matter said.
Samba Financial Group, Saudi Arabia’s second-biggest bank by market value, said third-quarter profit fell to 1.1 billion riyals from 1.21 billion riyals in the year-earlier period as commission income dropped. The bank made the announcement in a statement on the Saudi bourse website today.
The DFM General Index retreated 2 percent, the most since March 14, to 1,546.65 at the 2 p.m. close in Dubai. Qatar’s QE Index lost 1.9 percent and Saudi Arabia’s Tadawul All Share Index declined 0.7 percent.
The flash of purple abayas at a conference in Saudi Arabia’s second-largest city, Jeddah, was more than a fashion statement. It’s a sign of the changes Jeddah is embracing as King Abdullah slowly loosens restrictions on women in his conservative land.