Prince Alwaleed receives Philippines Ambassador to Saudi Arabia
- Saudi Arabia: Wednesday, December 05 - 2012 at 16:45
- PRESS RELEASE
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) received at his office in Riyadh, H.E. Mr. Ezzedin H. Tago, Philippines Ambassador to Saudi Arabia. The Ambassador was accompanied by Mr. Paisal D Abdullah, the Trade Attaché- Consulate General of the Philippines. The meeting was attended by Dr. Nahla Nasser Alanbar, Private Executive Assistant to HRH the Chairman.
On the agenda of discussions were social issues, investment issues and the bi-lateral economic relationship between their respective countries.
During the meeting, the Ambassador extended an invitation for His Highness to visit his country.
In response, the Prince promised to visit in the near future. In conclusion to the meeting, the Ambassador presented Prince Alwaleed with a symbolic gift.
Recently, Kingdom Hotel Investments (KHI), a wholly owned subsidiary of the Saudi Arabian conglomerate KHC, has signed an agreement with Ayalaland Hotels and Resorts Corp, a wholly owned subsidiary of Ayala Land Inc.
(ALI) concerning the sale of KHI's economic interest in the Fairmont Hotel and Raffles Suites & Residences Makati development in the Philippines for SR218m. The amount includes SR90m in shares and SR128m in other shareholder advances. The transaction closed on October 3, 2012. KHI will continue to be a stakeholder in the project through a financial interest with further earnout potential in the residential component and through Kingdom Holding's ownership stake in Fairmont Raffles Hotels International (FRHI).
In 2011, Prince Alwaleed received at his office in Riyadh, H.E. Jejomar C. Binay, Vice President of the Philippines and an accompanying delegation. Prince Alwaleed had met the President of the Philippines H.E Ms. Gloria Macapagal-Arroyo on a number of occasions; in 2007 during the Prince's last visit to the Philippines pursuant to an invitation by the President, HRH was awarded the Highest National Honorary Medal, The Order of The Golden Heart With the Rank of Grand Officer.
Moreover, in 2009 HRH hosted a luncheon in her honor at Kingdom Tower during her visit to Saudi Arabia. Prince Alwaleed has solid ties with the Philippines through his investments in the financial sector through Citigroup.
In 2009, Prince Alwaleed had received a call from Ms. Gloria Macapagal-Arroyo who thanked him for his support and generous donation for medical aid for the Typhoon Ketsana victims. The immediate donation was made through Alwaleed Bin Talal Foundation that is chaired by Prince Alwaleed and Vice Chaired by HH Princess Ameerah Al-Taweel who is also the Secretary General, after the Prince's meeting with H.E. Antonio Villamor, Former Ambassador of the Philippines to Saudi Arabia, where the Prince also conveyed his condolences to President Macapagal-Arroyo for the victims of the disaster and announced his readiness to donate.
The allocation and distribution of the donation to those in need was in coordination with the Philippines government. The Foundation's donation helped alleviate the suffering of hundreds of victims affected by this disaster.
In 2008, Alwaleed Foundation donated SR1,875,000 to Support for Muslim Mindanao Integrated Higher Development Center (CHED-ARMM), Philippines for capacity building, research and scholarships.
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