JEDDAH, 8 June 2005 — Kingdom Holding Company Chairman Prince Alwaleed ibn Talal signed a hotel acquisition deal in Accra during his visit to Ghana, the company stated yesterday. This was the prince’s second visit to Accra within 48 hours when he met with Ghanaian President John Kufuor. “I’m happy to be in Ghana again,” the prince remarked and hoped that this visit would strengthen bilateral relations, especially on the economic front since one of the main reasons for his re-visit this year was to sign the Ambassador Hotel agreement.
The prince later met with Ghana’s Vice President Aliu Mahama Al Haji and both discussed a number of economic and social issues, and bilateral relations.
After the meeting, the prince and the vice president signed the Ambassador Hotel agreement at an official ceremony. The ceremony was the highlight of the prince’s visit and was attended by the Ghanaian president and tourism minister. The hotel requires up to $80 million to redevelop its infrastructure and develop a multi-use hotel project with retail, residential, and leisure facilities in the heart of the capital.
The hotel, now a derelict building in the center of the city, was gifted to the nation by the British government on the occasion of Ghana’s independence in 1957.
The agreement is expected to play an active and significant role in the hospitality sector in Ghana.
The prince earlier inaugurated the Prince Alwaleed bin Talal School and the Prince Alwaleed bin Talal Model Health Center.
The king of Ashanti tribe awarded him a diploma, with the rank of “Citizen of honor of the Kingdom of Ashanti” during his previous visit to Ghana in 2003. The prince pledged during that visit $100,000 to support state sponsored children education programs, $300,000 toward children’s preschool programs, and $600,000 to support health programs and AIDS research, totaling $1 million.