Kingdom Holding Company (KHC) Chairman Prince Alwaleed Bin Talal has acquired a 5% stake in Kuwait Invest Holding Company (KIHC), which is his second direct acquisition in the Kuwaiti stock market, according to a statement issued by KHC.
"Our investment in KIHC is an extension of our strategic cooperation with Jassim Al-Bahar and International Financial Advisors (IFA)," Prince Alwaleed said, cited by <i>SPA</i>.
Prince Alwaleed's investment in KIHC is an extension of a strategic alliance with Al-Bahar, which started in September 2002 with the signing of a $26.2 million agreement that Al-Bahar used to purchase shares in KHI and in the Four Seasons Beirut hotel project currently under development.
Last year, Prince Alwaleed acquired an investment stake in international financial adviser (IFA). The alliance was further solidified when KHI and Fairmont jointly invested in IFA's Palm Jumeirah project in Dubai.
KIHC is a member of the Jassim Mohamed Al-Bahar Group. In September 2003, Prince Alwaleed acquired around 5% of IFA, which currently has a market cap of over $1 billion.