Saudi Prince Al-Walid forms $400 million hotel investment group
Saudi billionaire Prince Al-Walid Bin Talal Bin Abdul Aziz announced the establishment of a new Middle East hotel investment group, which is expected to manage capital ventures worth over one billion dollars. The Kingdom Hotel Investment Group (KHIG) has a paid-up capital of $211 million and an authorized capital of $400 million, reported Al-Sharq Al-Awsat .
KHIC 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 Saudi Prince and Muhammad Bin Eisa Al-Jaber, another established Saudi businessman, will jointly own a 65 percent stake in the holding group.
The prince stated that KHIC will target tourism investments in Arab and African countries. He disclosed the company’s plan to open Four Seasons Resorts in Sharm El-Sheikh and Amman and a Movenpick Resort in Beirut. The company also intends to buy shares in two Egyptian hotels for approximately $30 million.
This past March, Al-Walid signed a contract with the government of Libya to construct a jointly owned hotel group. The Prince owns a 60 percent share of the company, which has an initial capital of $20 million. The Libyan Arab Foreign Investments Company (LAIFCO) holds a 25 percent share and Tripoli authorities hold the remaining 15 percent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)