RIYADH, 29 April — Prince Alwaleed ibn Talal, chairman of Kingdom Holding Company, yesterday announced the formation of a new investment group for hotels with a paid-up capital of $211 million and an authorized capital of $400 million. Prince Alwaleed and Muhammad ibn Eisa Al-Jaber, a well-known Saudi businessman, will jointly have a 65 percent stake in the Kingdom Hotel Investment Group, which is expected to manage investments worth more than $1 billion in the Middle East. The prince said the new company will invest in Arab and African countries. The group, which was formed after merging Prince Alwaleed’s hotel investment in the Middle East, presently owns 10 hotel projects worth $1 billion. He disclosed the company’s plan to open a number of new projects this year including a Four Seasons Resort in Sharm El-Sheikh, a Four Seasons Hotel in Amman and a Movenpick Resort in Beirut. Sarmad Al-Zouk, executive director of the company, disclosed KHI’s plan to buy shares of two hotels in Egypt for $25 million to $30 million.