Saudi Arabia's Kingdom Holding Co., the investment vehicle of Prince Alwaleed Bin Talal, said Saturday its first quarter net profit rose by 11.3 percent year-on-year to SR100.8 million ($26.88 million). Its gross profit for the first quarter was SR274.9 million compared to the same quarter in 2011 of SR177.3 million, representing an increase of 55 percent. The company attributed its performance to the sales of its stake in Toronto's Four Seasons Hotel and its share of the Oasis Kingdom project in Riyadh, the company said in a statement. Prince Alwaleed said: "Kingdom Holding's profits reflect our sound investment strategy despite the challenges of the investment climate." Shadi Sanbar, CFO, added: "Kingdom Holding is ready to deliver on its well- planned investments in the near term and beyond". Early this month, Prince Alwaleed said Saudi Arabia's 1,000m tall Kingdom Tower in Jeddah, set to become the world's tallest building, will be completed in 63 months. His remarks came as the Jeddah Economic Company (JEC) announced a £300 million increase in the capital cost of the mega project from SR7.3 billion (£1.2 billion) to £1.5 billion. The Jeddah Economic Company (JEC) was set up in 2009 to develop Kingdom City, Jeddah's new urban development of which the Kingdom Tower is the focal point.
