News Column

KHC to 'continue with its investments in Egypt'

June 3, 2014

Arab News, Jeddah, Saudi Arabia

June 03--RIYADH -- During their visit to Egypt, Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), who was accompanied by a delegation, met with Major Gen. Ahmed Abdallah, Red Sea governor in Hurghada.

During the meeting, the two highlighted the warm friendship between their two countries and discussed a number of investment and economic issues. In addition to the development of the prince's investment in Hurghada, KHC's investments in El-Gouna in the hotel sector include Movenpick El-Gouna.

Following an invitation from Gen. Abdel Fattah El-Sissi, Prince Alwaleed and an accompanying delegation visited Egypt in May. Prince Alwaleed met privately with Gen. Abdel Fattah El-Sissi in Cairo. During the meeting, El-Sissi and Prince Alwaleed highlighted the warm friendship between the two countries and discussed a number of political, economic and social issues.

In 2013, Prince Alwaleed concluded his private visit in Sharm El Sheikh. The prince expressed his satisfaction with the situation in Egypt after its government asserted the authority throughout the country.

The prince added: "Egypt and the people of Egypt have always been dear to Custodian of the Two Holy Mosques King Abdullah and to the people of Saudi Arabia. I personally have been distressed by the recent events in Egypt, and am very pleased that security and stability have been restored in the country so that Egypt can resume its rightful role in the world and region." The prince added: "Kingdom Holding Company will continue with its investments in Egypt."

Kingdom Holding Company's major investments in Egypt are in various sectors that include the hotel sector through Kingdom Hotel Investments (KHI), a wholly owned subsidiary that manages and owns direct stakes in Movenpick Resort El Quseir, and Movenpick Resort & Spa El Gouna and also manages 4 Four Seasons hotels in Cairo, Alexandria and Sharm El-Sheikh.

Fairmont, Raffles and Movenpick Hotels & Cruisers across Egypt take the total to 23 hotels. Also in the banking sector, KHC has presence in Egypt via Citigroup and in the agricultural sector through its 100 percent direct ownership of the Toshka project in addition to Kingdom Agricultural Development Company (KADCO).

The prince's privately owned investment in the media sector in Egypt includes the channels of Rotana that broadcast from Egypt. Rotana Group is a diversified media company in the Middle East. Rotana has radio stations, a chain of cafes and its own magazine.


(c)2014 the Arab News (Jeddah, Saudi Arabia)

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Source: Arab News (Saudi Arabia)

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