RIYADH, 5 June 2006 — Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), arrived in Lusaka on Saturday with an accompanying delegation, pursuant to an official invitation from the Zambian President Levy Mwanawasa to visit the country. This trip marks the 5th destination in their 15-country investment tour of Africa.
The Zambian head gave a warm welcome to Prince Alwaleed at the State House. Both discussed a number of social and economic issues related to their respective countries. The prince also met with the Maureen Mwanawasa, wife of the president. During their meeting they discussed a number of potential philanthropic projects and focused on some of the most urgent ones including a children's education center and a skill center for women and youth. "We're here to support our friends, but let's not call it a donation, let's call it instead an alliance."
Following the meeting, a formal ceremony was held in honor of Prince Alwaleed, attended by the deputy mayor of Lusaka to bestow on him an "Honorary Freeman of the City of Lusaka" title and presented him the "Honorary Key to the City of Lusaka."
The prince's next destination was his first visit to Malawi. He was warmly welcomed at the airport by the Malawian Minister of Finance Goodall Gondwe and escorted to the Presidential Palace at Capital Hill. There, the prince and his delegation met Malawian President Bingu Wa Mutharika, where in a closed meeting, the two discussed a number of social and economic issues related to their respective countries.
The third and final destination of the day on Prince Alwaleed's agenda was Antananarivo, the republic of Madagascar, which is also a first for the Prince. Foreign Affairs Minister Ranjiva Marcel greeted him and his accompanying delegation at the airport.
Prince Alwaleed with his delegation were then accompanied by high-ranking government officials to the office of Prime Minister Mr. Jacques Silla, where discussions took place that revolved around the socio-economic situation in Madagascar and several investment options. "We'll work on identifying opportunities and address the needs of Madagascar; we have a macro plan for Sub Saharan Africa," Prince Alwaleed said.
Prince Alwaleed has made a dynamic impact in many countries all around the African continent by way of his contributions to their socio-development through philanthropic activities and investments. The main purpose of the visits this year was to assess investment opportunities. Following the presidential meetings in Zambia, Malawi, and Madagascar larger discussions were held in all three countries to include high-ranking government officials from the respective countries and Prince Alwaleed's delegation made up of representatives from Kingdom Holding Company and each of its affiliates in Africa. These investment vehicles include HSBC-Kingdom Africa, Kingdom-Zephyr (KZAM) and Kingdom Hotel Investments. The discussions focused on the potential investment activities and proposed projects of the KHC affiliates, especially investments in the hotel sector.
