Riyadh - Mubasher: Kingdom Holding Company is closing in on a $1 billion loan, Arabian Business reported citing CEO Talal Al Maiman.

This will be the first time the Saudi group, owned by Prince Alwaleed Bin Talal, has acquired funds since last year.

The deal will be signed with a group of international and local banks, the CEO revealed.

Kingdom Holding began talks for the loan about a year ago, as the Saudi giant has enough money to fund its activities.

The company recently acquired stakes in Lyft, Snapchat, and Deezer.