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Kingdom Holding to pay dividend in 2011

Kingdom Holding Co has announced plans to pay its first annual cash dividend since listing on the Saudi stock exchange more than three years ago, Bloomberg has reported. Prince Alwaleed bin Talal, who owns 95% of the investment firm, gave up his "full entitlement" to the annual dividend to enable the distribution to shareholders, the company said. The company's board recommended paying SR137.5m ($36.7m), or 0.125 riyal a share, from retained earnings during each quarter in 2011, the Riyadh-based company said in a statement.