Alwaleed's KHI buys stake in Egyptian Moevenpick resort

The US $1billion hotel investment company Kingdom Hotel Investment Group (KHI), chaired by Saudi billionaire and entrepreneur Prince Alwaleed bin Talal, purchased a 25.6% stake in El-Quseir Mövenpick hotel in Egypt.

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By  Massoud Derhally Published  June 11, 2002

The US $1billion hotel investment company Kingdom Hotel Investment Group (KHI), chaired by Saudi billionaire and entrepreneur Prince Alwaleed bin Talal, said yesterday that it has purchased a 25.6% stake in El-Quseir Mövenpick hotel in Egypt.

The statement said the purchase was made from Orascom Holdings, part of the Orascom group of companies owned by the Sawaris family in Egypt.

The transaction is the second between KHI and Orascom Holdings this year. Last month, KHI announced the purchase of a 26.5% stake in the El-Gouna Mövenpick on Egypt’s Red Sea coast.

Currently, KHI owns 10 properties across the Middle East. Through local partnerships, KHI controls over $1 billion of real estate and most of its assets are either operational, or under completion or scheduled to open during the next 24 months.

KHI’s principal shareholders include Prince Alwaleed Bin Talal, Sheikh Mohammed bin Issa Al-Jaber and other prominent private equity investors.

El-Quseir Mövenpick is located in El-Quadim Bay on the Red Sea, which is located 125 kilometres (km) south of Hurghada, 220 km east of Luxor and 5 km from El-Quseir

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