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Prince Alwaleed & Red Sea Governor Meet in Hurghada Movenpick El-Gouna One of KHC’s Investments

June 2, 2014

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) and an accompanying delegation visited Egypt. During the visit Prince Alwaleed met with HE Major General Ahmed Abdallah, Red Sea Governor in Hurghada. During the meeting, the two highlighted the warm friendship between their two countries and discussed a number of investment and economic issues. In addition to the development of HRH’s investment in Hurghada. Moreover, KHC’s investments in El-Gouna in the hotel sector include Movenpick El-Gouna.

 

In May 2014 and pursuant to an invitation from Gen. Abdel Fattah El-Sisi, Prince Alwaleed and an accompanying delegation visited Egypt. Prince Alwaleed met privately with Gen. Abdel Fattah El-Sisi in Cairo. During the meeting, Gen. Abdel Fattah El-Sisi and Prince Alwaleed highlighted the warm friendship between their two countries and discussed a number of political, economic and social issues.

 

In 2013, Prince Alwaleed concluded his private visit in Sharm El Sheikh. Prince Alwaleed expressed his satisfaction with the situation in Egypt after its government asserted its authority through-out the country.

 

His Royal Highness added: “Egypt and the people of Egypt have always been dear to the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz, and to the people of Saudi Arabia. I personally have been distressed by the recent events in Egypt, and am very pleased that security and stability have been restored in the country so that Egypt can resume its rightful role in the world and region.” His Highness emphasized: “Kingdom Holding Company will continue with its investments in Egypt.” 

 

Kingdom Holding Company’s major investments in Egypt are in various sectors that include the hotel sector through Kingdom Hotel Investments (KHI) a wholly owned subsidiary that manages and owns direct stakes in Mövenpick Resort El Quseir, and Mövenpick Resort & Spa El Gouna and also manages 4 Four Seasons hotels in Cairo, Alexandria and Sharm El-Sheikh. In addition, to Fairmont, Raffles and Mövenpick Hotels & Cruisers across Egypt, totaling 23 hotels. Also in the banking sector KHC has presence in Egypt via Citigroup and in the agricultural sector through its 100% direct ownership of the strategic Toshka project in addition to Kingdom Agricultural Development Company (KADCO).

 

Furthermore, HRH’s privately owned investment in the media sector in Egypt includes the channels of Rotana that broadcast from Egypt. Rotana Group is a diversified media company in the Middle East. It is the world’s largest producer of Arabic music and a key distributor and producer of Arabic movies with a library comprising more than 1,600 movies. Rotana also owns a bouquet of leading free-to-air TV channels including Cinema, Khalijiyah, LBC, Masryiah, Clip and Musica broadcasting the latest Arabic movies, series and music videos globally. Furthermore, Rotana has radio stations, a chain of cafes and its own magazine. It also operates a leading regional advertising sales arm (Rotana Media Services), responsible for advertising sales on its TV channels as well other media businesses in the region. Rotana’s content is also digitally distributed globally. Prince Alwaleed, the principal shareholder of the Rotana Group, is also the beneficial owner of approximately 7 percent of 21st Century Fox and Newscorp. In addition to the Rotana channels, there is Al Resalah Channel that is wholly owned by Prince Alwaleed which also broadcasts from Egypt and through Nile Sat.