RIYADH, 11 June 2006 — Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met with Ugandan President Yoweri Museveni in Kampala last week and discussed investment prospects in gold, coffee and the hotel sector.
The president made a special mention of the prince’s efforts in helping Africa’s economic development, and his humanitarian contributions to Africa. Both explored investment activities that can be carried out through KHC and its affiliates, HSBC-Kingdom, Kingdom-Zephyr (KZAM) and Kingdom Hotel Investments.
“You’re a proud nation as is all Africa, but we will always dispatch all our resources to give a friendship hand in time of need,” said Prince Alwaleed.
During his trip, the “Grand Commander of the Order of the Pearl of Africa” bestowed on the prince. This was second medal bestowed on him by President Museveni. “I decorate you as one of the important people for the state of Uganda,” said the president.
The prince had received the highest honorary medal of Uganda and awarded the prince an honorary doctorate of letters degree handed to him by the rector of the Islamic University of Uganda on his previous visit to Uganda in 2005.
During his visit to Uganda, Prince Alwaleed also signed a memorandum of understanding for a hotel development project to lease a 15-acre site for 99 years from the government, in the center of Kampala.
The site will be used to construct a 250-room first class hotel in the heart of Kampala for a total estimated cost of more than $100 million. This will be KHI’s first hotel in the Ugandan capital and is expected to open late 2009.
“We’re delighted to have the opportunity to build a first class hotel in this striking emerging market. Uganda offers a unique destination where East Africa meets West Africa and we’re keen to capture the rising demand from business travelers to the region. Uganda is a market with high growth potential and an exemplary stable political model,” Prince Alwaleed said.