MANILA, 4 April 2007 — President Gloria Arroyo hailed a deal by Saudi Prince Alwaleed bin Talal to invest $153 million in an upscale Manila hotel complex, saying yesterday more Arab investors should follow suit.
Prince Alwaleed, ranked 13th on Forbes’ list of the world’s richest men, visited Manila for a few hours late Monday to meet with Arroyo, Cabinet officials, and the country’s leading property developer, Ayala Land Inc., Saudi Embassy officials said.
Ayala Land and Dubai-based Kingdom Hotel Investment, founded and chaired by Prince Alwaleed, agreed last month to build the luxury hotel complex in the capital’s Makati financial district, described as the biggest hotel investment in the country.
“Prince Alwaleed group’s investment in the Philippines is a clear vote of confidence from the Middle East, which is a bastion of our national interest because of the presence of more than a million Filipino workers in that part of the world,” Arroyo said in a statement.
She appealed for more investment from Arab nations, and vowed stronger action to develop the country’s infrastructure to attract more foreign funds.
“This is a boon for the Filipino people who will continue to reap the returns of growth, confidence and jobs,” Arroyo said.
Newspapers reported Ayala Land will own 60 percent of the hotel complex and KHI the rest. It is expected to be completed within three years, and will include 300-room Fairmont Hotel, 30-suite Raffles Hotel and 189 Raffles-branded private residences. With a report from AP
