RIYADH, 5 July — Prince Alwaleed ibn Talal, chairman of Kingdom Holding Co., signed here yesterday a $46 million loan agreement with a consortium of Arab banks and investment companies for financing the Movenpick Resort and Marina in Beirut. This was announced by Prince Alwaleed at a press conference here.
Raymond Audi, chairman of Banque Audi s.a.l., Farid Raphael, CEO of Banque Libano-Francaise s.a.l., which arranged the seven-year loan, attended the press conference along with representatives of the other participating banks.
Movenpick Resort and Marina, Beirut, located on the Beirut Corniche, is a self-contained, multi-use resort complex that features a luxury five-star hotel in the heart of the project featuring 280 rooms and suites. The resort, which will cater to the needs of tourists, business travelers and beach goers, is expected to be completed by May 2002. It spreads over an area of 52,000 square meters.
Asked why Saudi banks have not been involved in the project, Prince Alwaleed said they usually finance projects inside the Kingdom.
Prince Alwaleed clarified that all his overseas investments were in line with the Kingdom’s policy. For that reason, he had kept out of Iraq and all other countries with which the Kingdom has no diplomatic relations.
In December 1999, the prince acquired complete control of the Movenpick Beirut and increased to 100 percent his stake in the resort, which is expected to cost around $143 million.
In addition to rooms and suites, the project comprises 72 fully furnished luxury chalets, 1010 air-conditioned cabins, seven restaurants, a 39-shop mall and other facilities.
Alwaleed said the bulk of the luxury chalets had been sold out.
The resort will feature a yachting marina, said to be the most sophisticated on the entire Lebanese coastline.
