Saudi KHIG acquires 26 percent stake in Egyptian Movenpick resort
The Saudi Kingdom Hotel Investment Group (KHIG) recently announced that it has purchased a 26.5 percent stake in a El-Guona Movenpick resort in Egypt from the Orascom Group. KHIG has yet to release the cost of its most recent investment.
Saudi billionaire Prince Al-Walid Bin Talal Bin Abdul Aziz set up KHIG earlier this year with a paid-up capital of $211 million and an authorized capital of $400 million. The Saudi Prince and Muhammad Bin Eisa Al-Jaber, another established Saudi businessman, jointly own a 65 percent stake in the holding group.
KHIC targets tourism investments in Arab and African countries. The company was formed after merging all of Prince Al-Walid’s hotel investments in the Middle East, which presently include 10 hotel projects, worth a total of one billion dollars.
The Mövenpick El Gouna is a five star resort located by the sea on an artificial island surrounded by lagoons, 15 miles north of the Red Sea port of Hurghada. — (menareport.com)
© 2002 Mena Report (www.menareport.com)