Saudi prince invests in Movenpick Ramallah
The Saudi Kingdom Holding Company had recently invested one million dollars in the Arabian Hotels Company (AHC) in Ramallah, revealed the company’s chairman of the board, Saudi billionaire Prince Al-Waleed Bin Talal Bin Abdul Aziz.
Overall costs of the five-star hotel, currently under construction, are estimated to reach $20 million, according to Al-Watan daily. The personal investment by the Prince comes in the wake of a call by the Palestinian leader, Yassir Arafat, to increase investments in infrastructure projects of the Palestinian Authority.
Swiss group Movenpick Hotels AG, in which Prince Walid has a 27 percent share, will operate the hotel. The eight-story hotel complex, to be named the Movenpick Ramallah, will include 187 rooms, banquet halls, a business club, a swimming pool and various restaurants. It is scheduled to open at the end of 2001, and will be located on a plot adjacent to the Palestinian Authority legislative building.
Movenpick, the first international chain to operate in the Palestinian Authority on a major scale, will also open two other hotels in Bethlehem and Gaza. The hotel company recently acquired properties in Egypt and Lebanon as well. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
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