MANILA, 8 April 2007 — Prince Alwaleed bin Talal, Chairman of Kingdom Holding Company (KHC), was bestowed the highest national honorary medal, The Order of The Golden Heart, with the rank of Grand Officer, by Philippine President Gloria Macapagal-Arroyo, during his visit to Manila on Monday. The medal was in recognition of Prince Alwaleed's philanthropic contributions on a global scale.
He had also attended a signing ceremony as chairman of KHI with Ayala Land Inc.
KHI - a leading hotel and resort investment company - had recently announced the acquisition of 7,377 square meters of prime freehold land on Makati Avenue for the development of two hotels and residences.
KHI will develop a 300-room Fairmont Hotel and 30-suite Raffles Hotel. Another 189 Raffles residences will be sold. The acquisition was made through a joint venture in which KHI holds 80 percent and Ayala Land, Inc., the remaining 20 percent.