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Prince Alwaleed Receives Vice President of the Republic of Ghana & Hosted Dinner in Honor of His Guest

December 7, 2010

HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), received at his office in Riyadh on Sunday 5th December 2010 the Ghanaian Vice President HE Mr. John Mahama who was accompanied by a delegation that included HE Mr. Alhaji Baba Kamara, Hon. Asuma Banda, Businessman, Prof. Haruna Yakubu, Vice Chancellor University of Development Studies (UDS), HE Mr. Samir Mahmoud Aggab Saudi Ambassor to Ghana, HE Alhaji Abdullah Salifu, the Ghanaian Ambassador to Saudi Arabia and Mr. Edwin Adjei, Minister Deputy Head of Mission.

The meeting was also attended by a KHC delegation that included Eng. Ahmed Halawani, Executive Director of Private Equity, Ms. Heba Fatani, Executive Manager, Corporate Communications Dept. and Dr. Nahla Alanbar Private Executive Assistant to HRH the Chairman and Mr. Fahad Alofy Executive Assistant to HRH the Chairman. The meeting was also attended by members from Kingdom Hotel Investments (KHI) that included Mr. Samer Abu Ayash, Senior Vice President, Design and Construction and Mr. Clovis Abi Nader, Project Manager, Owner Representative.

The meeting began as HRH greeted the Ghanaian Vice President and in return the Vice President thanked Prince Alwaleed for giving him the opportunity to meet with him and relayed cordial regards from the President HE Prof. John Atta Mills of Ghana. The two also discussed a number of economic issues related to their respective countries. Furthermore, the Vice President extended an invitation to HRH to re-visit Ghana and explore further investment opportunities there. Moreover during the meeting, Eng. Halawani gave a brief about Kingdom Zephyr Africa Management Company (“Kingdom Zephyr” or KZAM) as it is one of the leading pan-African private equity firms. Kingdom Zephyr manages the investments of PAIP II and PAIP I from offices in Accra, Ghana.

Moreover, the Prince hosted a dinner in honor of his guest the delegation at Kingdom Resort in Riyadh. The Vice President thanked the Prince for his hospitality and wished him the best on his future endeavors.

The Prince’s investments in Ghana though KHC is in the hotel sector via Movenpick Ambassador hotel in Accra that is currently under construction and in the financial sector through Citigroup.

During HRH’s visit to Ghana in 2006, HRH placed the cornerstone of the Movenpick Ambassador hotel. The hotel is considered a National and historic landmark and in 2005, HRH had signed the Ambassador Hotel deal. The project required more than $100 million to re-develop its infrastructure and create a multi-use hotel project with retail, residential, and leisure facilities in the heart of the capital. During the same trip, His Highness was awarded the highest honorary medal in the country, “Companion of the Order of the Volta” in an official ceremony of investiture attended by prominent state dignitaries. In 2005, HRH inaugurated The Prince Alwaleed bin Talal School and The Prince Alwaleed bin Talal Model Health Center. In 2004, HRH was given an honorary doctorate degree by the University of Developmental Studies from the city of Tamali in Ghana. The degree was rewarded to Prince Alwaleed for his exceptional accomplishments in management and his insight that made him a renowned global investor and furthermore for his philanthropic role and continuous support for those in need all around the world. In 2003 the Prince was awarded, by the King of Ashanti tribe with the diploma, with the rank of “Citizen of Honor of the Kingdom of Ashanti”.

In 2007, a $250,000 donation was made to the Natural Disaster Relief Fund to provide relief from the destruction caused by the floods in 2007. In 2003, HRH pledged during that visit $300,000 to support state sponsored children education programs, $100,000 towards children’s preschool programs (Early Child Center), and $600,000 to the Noguchi Memorial Institute for Medical Research towards a clinical research facility for AIDS, malaria, and malnutrition, for a total of $1 million. In that same year, Prince Alwaleed had also sponsored the pilgrimage of 150 Ghanaian citizens which was estimated to cost over one million Saudi Riyals.