KHI expands in Egypt
Kingdom Hotel Investment Group (KHI), owned by HRH Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, recently purchased a 26.5% stake in the Mövenpick Gouna Hotel
Kingdom Hotel Investment Group (KHI), owned by HRH Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, recently purchased a 26.5% stake in the Mövenpick Gouna Hotel, located on Egypt’s Red Sea coastline, said a statement released by the Alwaleed’s company.
The purchase was made from Orascom Holdings, one of the Orascom group of companies chaired by the Sawaris family. The business venture is the first between the two parties.
“This deal is directly in line with the strategy of Kingdom Hotel Investment Group, forming strategic alliances with powerful groups in the region, combining forces to help create synergy, efficiency and value,” said Alwaleed.
The Mövenpick Gouna Resort Hotel is part of the self-contained destination resort of Gouna, one of the Red Sea coast line’s most successful tourism projects. “We are fully committed to tourism and hotel industry in the Arab World,” added Alwaleed. “The Tourism sector in Egypt is already rapidly recovering from its September 11 slump.”
The Mövenpick Gouna Hotel Resort, opened in 1996, extends over a spectacular landscaped area of 200,000 sq. meters.
KHI was formed as part of a consolidation move of Alwaleed’s Middle Eastern hotel assets into an independent investment vehicle. It currently owns 10 properties across the Middle East and through local partnerships it controls over $1 billion of real estate.