Alwaleed discusses business opportunities with Qaddafi

At the official invitation of Libyan leader General Muammar Qaddafi, HRH Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, chairman of Kingdom Holding Company (KHC), arrived in Tripoli on Monday, January 27, 2003, to hold a closed-door meeting with Qaddafi.

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By  Massoud Derhally Published  February 2, 2003

At the official invitation of Libyan leader General Muammar Qaddafi, HRH Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, chairman of Kingdom Holding Company (KHC), arrived in Tripoli on Monday, January 27, 2003, to hold a closed-door meeting with Qaddafi. The visit marks the tenth meeting between the Prince and the Libyan leader.

Prince Alwaleed and an accompanying delegation arrived in Tripoli, where Dr. Khaled Zantooti, chairman of Libyan Foreign Investment Company (LAFICO), and the Saudi ambassador received them.

Zantooti and the Prince discussed ongoing, joint projects between KHC and LAFICO, particularly the Mövenpick Hotel and Resort Tripoli. Alwaleed also probed with Zantooti possible future projects for joint co-operation between the two companies. The two discussed the latest developments in the Middle East, the possible war on Iraq, the devastation in the occupied territories of Palestine, Libya’s view vis-a-vis the Arab League, and the report of UN weapons inspectors in Iraq.

On the economic front, Prince Alwaleed and Qaddafi probed prospects for co-operation between KHC and LAFICO. Alwaleed briefed the Libyan leader on his last visit with President Mubarak to the South Valley in Egypt. Recently Mubarak inaugurated the water pumping station in Toshka and visited the Kingdom Agriculture and Development Company (KADCO) farm, which has already started exporting crops. The prince also discussed Libya’s investment in KADCO.

During his last visit to Libya, Prince Alwaleed had signed a contract with Libyan Arab Hotel Company to jointly develop the Mövenpick and Resort Tripoli. Other hotel investments with KHC are also being considered by LAFICO.

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