RIYADH, 13 June — Saudi businessman Prince Alwaleed ibn Talal announced yesterday that he was investing $1 million in the Arab Hotels Company in Ramallah in response to a request by the Palestinian National Authority to back infrastructure projects in the Palestinian areas.
The prince’s office here said the Kingdom Holding Company chaired by the prince would set up a fund for building the huge hotel in the West Bank town.
Swiss group Movenpick Hotels AG, in which Prince Alwaleed has a 27 percent stake, will operate the hotel, its third such venture in the Palestinian territories.
