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Prince Alwaleed Receives Moroccan Minister of Tourism to Discuss Investment Issues

October 16, 2010

HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) received on Wednesday 13th October 2010 at his office in Riyadh His Excellency Yassir Zenagui, Moroccan Minister of Tourism and an accompanying delegation that included Mr. Taibi Khattab, Director for Middle East and Asia of the Moroccan Government Tourist Office, Mr. El Mostafa Belhaj, Deputy of Ambassador at the Embassy of Kingdom of Morocco to Saudi Arabia and representatives from Monitor Group and HSBC.

The meeting began as Prince Alwaleed greeted the Minister and the accompanying delegation, HRH and the Minister discussed the warm friendship between their respective countries and the latest regional and international developments on the economic front. Also on the agenda of discussions were the Prince’s investments in Morocco that include the Four Seasons Hotel Marrakech through Kingdom Hotel Investments (KHI) a subsidiary of KHC that is scheduled to open in early 2011, and further potential investment opportunities in Morocco in the tourism sector. Furthermore, the meeting touched upon the Fairmont and Movenpick projects under construction in Morocco that will be management by companies in which KHC holds an interest. In addition, Monitor Group and HSBC gave a presentation to HRH on the development of tourism in Morocco. Moreover, the Prince’s indirect investment in the banking sector in Morocco through KHC is via Citigroup.

In 2008, HE Dr. Mohamed Al-Bishr Saudi Ambassador to Morocco received the Medal Awarded to Prince Alwaleed at 1st Meeting of Arab Gulf Investors in Morocco (Gulfinvest) on HRH’s behalf in Rabat. The medal was an acknowledgement of Prince Alwaleed’s achievements as a global investor. The 1st Meeting of Arab Gulf Investors in Morocco conference was organized by Arab Gulf Agency for Media and Communication. The conference was attended by investors mainly from Saudi Arabia, Qatar and United Arab Emirates, along with a number of Moroccan businesses, official departments and Investment Authorities.

In 2008, Prince Alwaleed visited Morocco and was warmly received by His Majesty King Mohamed VI at the Royal Palace.