Riyadh – Mubasher: Two Saudi Arabian businessmen formerly detained a part of the kingdom’s anti-corruption drive are now in talks with lenders for loans for their companies.

Kingdom Holding Company’s (KHC) owner Alwaleed bin Talal is holding discussions with banks to obtain about a $1 billion loan, Reuters reported, citing banking sources as saying.

A unit of Fawaz Abdulaziz Al Hokair Company started negotiations with banks to secure a SAR 8 billion ($2.13 billion) loan, the news agency said. 

Domestic banks are expected to provide the funding, while international lenders are cautious since the terms of the businessmen settlements with Saudi authorities are not clear, the sources added.

KHC affirmed that it has resumed negotiations with local and international banks to raise about $1 billion credit facility.

Some sources stated that the Saudi Arabian investment firm plans to obtain loans to fund investments halted in November 2017 after bin Talal was detained.

“Discussions on the SAR 8 billion loan for the retailer Alhokair had also started before the anti-graft campaign, but the financing was held up when Fawaz was detained,” Reuters said.

The funding, which is about to be completed, will be used to refinance an existing debt, and will be provided by domestic banks which include Al Rajhi Bank and Samba Financial Group, the sources said. 

KHC is working with some banks, including Arab National Bank and Samba Financial Group for the new loan, they said. 

Bin Talal indicated previously that his company will acquire large investment opportunities after being released from detention, and he will work with advisers as Goldman Sachs to win a deal for the firm which may reach $3 billion.

During November 2017, Saudi Arabian government arrested 11 princes, current and former ministers accusing them of corruption.