Prince Alwaleed meets with Head of Kuwait's Investment Authority
- Kuwait: Wednesday, May 04 - 2011 at 16:48
- PRESS RELEASE
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, Chairman of Kingdom Holding Company (KHC), met with Mr. Bader Al-Saad, Managing Director of Kuwait's Investment Authority (KIA) in Kuwait. The two discussed a number of economic issues, visions for future cooperation between the two sides and investment opportunities for KHC in Kuwait.
Members from KHC included Ms. Heba Fatani, Senior Executive Manager, Corporate Communications Department, Dr. Nahla Al Anbar, Private Executive Assistant to HRH the Chairman, and Mr. Hicham Fleihan, Travel and External Affairs Manager.
HRH commented, "Directions of Kuwaiti Amir for us to investment in Kuwait."
Prince Alwaleed through KHC has partnerships with two sovereign wealth funds (SWF): Temasek Holdings (Private) Limited in Singapore where Fernvale Investments (Mauritius) Pte Ltd, a wholly owned indirect subsidiary of Temasek Holdings, made a capital commitment of $75m to Pan-African Investment Partners II Limited (the second Kingdom Zephyr fund, known as PAIP II).
The second SWF is Qatari Diar (QDHP), with a $847m transaction involving Fairmont Raffles Holdings International (FRHI), where Voyager had acquired for a combination of cash and other consideration a 40% shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel.
Recently, HRH visited and met the Amir of Kuwait H.H. Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah and the Crown Prince, HH Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah where the warm friendship between their respective countries was discussed. Also, Prince Alwaleed held a press conference where HRH addressed the media and referred to his indirect investments in Kuwait through Kingdom Holding Company in the hotel sector via two hotels that are managed by Mövenpick Hotels and Resorts in which KHC owns a 33.3% stake, and The Four Seasons Hotel Kuwait which is under construction under the management of Four Seasons in which Kingdom Holding holds a 47.5% stake and is co-owned by Bill Gates' Cascade in which the company also holds a 47.5% stake, and 5% of the Four Seasons is owned by Isadore Sharp. and in the financial sector through Citibank, and KHC's alliance with Batelco to acquire 25% of Zain KSA from Zain Kuwait. In addition, Rotana presence in Kuwait through an office there and the AlRisala channel headquartered in Kuwait.
Prince Alwaleed has a strong presence and influence in media through his investments in media and entertainment in the Arab world, and beyond like the Saudi Research and Marketing Group (SRMG), in which Kingdom Holding holds a 29.9% stake. The publications that fall under SRMG include Asharq Al Awsat, Al Eqtisadiah, Arab News, Hia magazine, Al Majalla magazine, Arrajol magazine and Sayidati magazine.
Furthermore, other entities that fall under SRMG are Al Khaleejiya for Publicity Advertising and Public Relations and Al Madina Printing and Publishing Company. Furthermore, KHC is owner of approximately 7% of News Corporation's Class B Common Stock. In addition, the Prince recently annouced his plans to launch a new news channel owned by him, and the news channel is headed by Mr. Jamal Khashoggi.
Prince Alwaleed was awarded on April 24, 2011 as "Media Personality of the Year" HRH was honored at the 8th Arab Media Forum that was held in Kuwait on April 24, 2011 under the patronage of the Prime Minister HH Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah and represented by HH Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Minister of Oil and of Information on the PM's behalf. Upon his arrival, HRH was welcomed by HH Sheikh Dr. Salem Jaber Al Ahmed AlJaber AlSabah, Advisor at the Prime Minister Diwan.
In February 2010, Rotana Group announced that Newscorp has reached an agreement to buy a 9.09% stake in Rotana Group, to further develop its postion in the media sector in the Middle East and expand it horizon. Under the terms of the agreement, News Corporation will acquire newly-issued shares in Rotana for $70m. News Corp. has an option to increase its stake to 18.18% in the 18 months following completion.
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