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Kingdom Holding reveals Q2 profit rise of 47%

Kingdom Holding, an investment company controlled by Prince Alwaleed Bin Talal, has said that second-quarter profit rose 47% on revenue from global hotel operations and units inside Saudi Arabia, Bloomberg has reported. Net income grew to SR135.4m ($36.1m) from SR92.1m in the same period in 2009. The company is "experiencing improving results from its hotel operations and its domestic entities," the company said in a statement.