Prince Alwaleed launches joint hotel group with Libya

HRH Prince Alwaleed Bin Talal, chairman of Kingdom Holding Company will be a joint owner in hotel group in the Arab Republic of Libya.

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By  Massoud Derhally Published  March 27, 2002

HRH Prince Alwaleed Bin Talal, chairman of Kingdom Holding Company will be a joint owner in hotel group in the Arab Republic of Libya.

According to a statement from Kingdom Holding, the Prince will own a 60 percent share of the new company, which will have an initial capital of 20 million dollars.

Arabian Libyan Foreign Investments Co. (ALIFCO) will hold 25 percent and the region of Tripoli the remaining 15 percent.

Construction on a US$ 40 million five-star hotel in Tripoli began while Prince Alwaleed was in Libya. The hotel overlooks the Mediterranean and will be managed by the new joint company and Moevenpick, the Swiss international hotel and restaurant group in which Alwaleed holds 27%.

Alwaleed also has stakes in the Fairmont Hotels and Resorts, the largest operator of luxury hotels and resorts in North America (16.5 %), the Four Seasons hotel group (27%), and owns the famous George V hotel in Paris.

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