Saudi-based Kingdom Hotel Investment Group (KHIG) has signed an $82 million cooperation agreement with the Omnix Group to establish a business hotel in Dubai. The hotel will be managed by Switzerland’s Movenpick Hotels and Resorts.
The Dubai Pearl Hotel will be located in close vicinity to the Technology, E-Commerce and Media Free Zone (TECOM) and the Palm Jumeirah. Initial investments in the project are expected to reach $19 million.
KHIG was formed after merging all of Saudi billionaire Prince Al-Walid Bin Talal Bin Abdul Aziz’s hotel investments in the Middle East, which presently include 12 hotel projects, worth a total of one billion dollars. The Saudi Prince and Muhammad Bin Eisa Al-Jaber, another established Saudi businessman, jointly own a 65 percent stake in the holding group. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
