JEDDAH, 8 April — Prince Alwaleed ibn Talal, chairman of Kingdom Holding Company, laid the foundation stone for a first-class hotel in the Libyan capital Tripoli recently. He also signed a contract for the establishment of the Libyan Arab Hotel Company (LAHC).
Through Kingdom Hotel Investment Group (KHIG), Prince Alwaleed will have a 60 percent stake in the $20 million Libyan company, the legal entity that shall own the Movenpick hotel and other future projects, a press statement by Kingdom Holding said.
Prince Alwaleed, meanwhile, met with Libyan leader Muammar Qaddafi and discussed matters of bilateral interest and explored ways of strengthening cooperation between his company and the Libyan Foreign Investment Company, especially in the tourism sector.
The establishment of LAHC comes at a time when Libya seeks to attract international investment in vital economic sectors, particularly in tourism, the press statement said. The strategic location of Libya gives it an added value when it comes to attracting tourists.
The new hotel project is situated in the heart of Tripoli, which overlooks the Mediterranean, making it a great urban resort that offers the services of a luxurious hotel to both tourists and businessmen. The area of the project is approximately 50,000 square meters.
The hotel will have 60 executive rooms, 23 suites, 198 rooms, a 1,900 square-meter banquet room, five conference rooms, a coffee shop, a world-class restaurant, 10 retail outlets and leisure facilities such as swimming pools.
The Swiss management company, Movenpick, will operate the project, the press statement said. Prince Alwaleed is a major investor in Movenpick with a 27 percent stake. In recent years, the company has maintained a strong presence in the Middle East through its investments.
