In an announcement, Saudi Arabia's Kingdom Holding Co agreed to enter into a refinancing agreement on the debt it had used to purchase the Savoy Hotel in London. The old deal had added a new GBP200 million or US$311 million amount.

Breezeroad is half owned by Kingdom, the investment firm of Prince Alwaleed bin Talal, the billionaire Saudi royal. The new agreement was entered into with Credit Agricole Corporate and Investment Bank together with DekaBank Deutsche Girozentrale.

Kingdom Holding Company is headquartered in Kingdom Center Riyadh, Saudi Arabia. It is publicly listed in Saudi Arabian Stock Exchange, with only 6% of its outstanding shares are publicly owned and 94% owned by Prince Alwaleed.

As a result of the refinancing, share prices of Kingdom Holding rose 1.77%. Overall, the banking index rose by just 0.27% while Saudi stocks opened higher as the all share index rose 0.4% to 7204.5 points in trading.