Leading French sovereign funds and companies have jointly acquired a major stake in Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleel.

As per the agreement with KHC, the sovereign fund CDCIC will buy 29.9 million shares priced at SR18.8 ($5) in partnership with some French firms, said a statement from KHC.

The companies closed the transaction worth SR563 million ($150 million) on Thursday in the presence of senior company officials.

Endorsing the historic French investment, Alwaleed said: "We welcome this important and strategic milestone deal pursuant to the Saudi Arabian Capital Market Authority opening up to foreign investors."

Following this deal, Prince Alwaleed will be retaining his full ownership stake in KHC, the statement added.-TradeArabia News Service