Wednesday 20 June 2018

Prince Alwaleed backs Bahrain's economy

Manama, March 23, 2011

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), met His Majesty King Hamad Bin Isa Al Khalifa and affirmed confidence in his leadership and the economy of Bahrain.

During his visit, Prince Alwaleed was accompanied by a delegation that included Hassan Yaseen, his special advisor, Dr Nahla AlAnbar, private executive assistant, Fahad Alofy, executive assistant and Hassna Alturki, executive assistant manager, Travel and External Affairs Department.

Upon arrival at Bahrain airport on Tuesday, Prince Alwaleed was received by Sheikh Abdullah Bin Hamad Al Khalifa, representative of the King of Bahrain and governor of Bahrain's Southern Province.

He also met HRH Crown Prince Salman bin Hamad Al-Khalifa and wished Bahrain stability and prosperity. “Our confidence in the leadership and economy of Bahrain is immense,” he said at the meeting.

Prince Alwaleed then met Dr Essam Fakhro, chairman of Bahrain’s Chamber of Commerce and Industry, and its members.

Later at a press conference, Prince Alwaleed joined the chamber of commerce members confirming his confidence in the leadership of the King and Crown Prince.

The KHC chairman re-affirmed his investment presence in the country though Kingdom Holding and expressed his readiness to make further investments in Bahrain.

Kingdom Holding’s presence in Bahrain is through its indirect investments in the banking sector through Citigroup which has been operating in Manama for the past 40 years, and in the hotels sector through Mövenpick hotel in Bahrain that is managed by Mövenpick Hotels and Resorts in which KHC owns a 33.3 per cent stake.

In addition, the Four Seasons hotel in Bahrain will be opening soon, managed by Four Seasons Hotels and Resorts in which KHC holds a 47.5 per cent stake and is co-owned by Bill Gates’ Cascade in which the company also holds a 47.5 per cent stake, and 5 per cent of the Four Seasons is owned by Isadore Sharp, the company’s chairman.

In turn, the head of the chamber and its members welcomed HRH’s visit especially through these trying times, and thanked him for his support of their local economy.

Prince Alwaleed also referred to his long established warm relationship with the Kingdom in his recent interview with US CNBC and his confidence in the leadership of His Majesty and HRH Crown Prince wishing Bahrain stability and prosperity.

Prince Alwaleed commended the recent alliance between KHC and Batelco Group that is chaired by Sheikh Hamad Bin Abdulla Al Khalifa, to acquire 25 per cent of Zain Saudi.-TradeArabia News Service

Tags: Bahrain economy | Kingdom Holding | Prince Alwaleed | KHC |

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