Tuesday April 6' 2004

Saudi billionaire to buy Ghion Hotel
 

By Groum Abate

Saudi billionaire, Prince Alwaleed bin Talal, who is listed as the world’s sixth wealthiest entrepreneur by Forbes magazine two years ago, has revealed his interest to government officials for the full acquisition of Ghion Hotel and its chain of hotels.
The businessman, with personal assets that are valued at 23.4 billion dollars is Saudi’s richest man. He controls worldwide investments worth billions of dollars under Kingdom Holding Corporation-his investment arm.
Sources told Capital that the prince showed particular interest to acquire Ghion Hotel after visiting the hotel at the end of April. According to our sources the prince is already involved in the agriculture and livestock business here in Ethiopia.
During his stay, the prince also visited Hilton Hotel to get a general idea of the hotel business in the country.
Our sources added that a group of experts are now assessing the market and future prospects, after the prince acquires the hotel. The prince is interested in the full ownership of the hotel including the chains of hotels that are mainly located in the northern part of the country where the tourist destinations on the historical route.
The 44-year old prince has investments in the livestock and hotel sector in the Sudan that is worth hundreds of millions of dollars. The prince has also invested 30 million dollars to buy shares in Egyptian hotels as well.
Prince Alwaleed is managing his hotel investments in the Middle East and Africa through a new subsidiary company he formed by the name of Kingdom Hotel Investment Group, which independently controls the businessman’s hotel ventures and handles new and on going investment projects valued at one billion dollars.
The prince has accumulated staggering assets worldwide and owns stakes in global corporations such as the world’s most profitable bank, Citigroup, where he holds stock worth 10 billion dollars, interest in AOL Time Warner, 50% stake in the New York Plaza, and Saks Fifth Avenue. His investment in the US alone is valued at 12 billion dollars and his worldwide investments in information and communications rise to seven billion dollars.