KIPCO plans to buy Algerian hotel
Kuwait Projects Company (Holding) KSC (KIPCO) submitted an official request for purchasing parts of the capital of Algeria's El Aurassi Hotel, reported the July 27 edition of Kuwait's al-Watan. The group submitted a formal bid to the Algerian government and is yet to get response, the newspaper said. KIPCO has been involved in the Algerian market for several years now as it has stakes in Wataniya Telecom Algerie and Algeria Gulf Bank. The Kuwaiti company intends to invest in the Algerian tourism and media sectors through the establishment of an investment company, which will direct some $100 million for North African investments.
The El-Aurassi, a modern 13-story glass and concrete block situated on a hill top overlooking the bay of Algiers, was opened in May 1975.
The hotel includes 455 rooms and three restaurants, nine conference rooms, swimming pool, tennis courts and built-in shops.