Kingdom Holding to continue Egypt investments

06/09/2013 08:00 AST

Kingdom Holding Company (KHC) says it will continue with its investments in Egypt. KHC’s investments in Egypt exceed $2 billion in various sectors.

The statement came after Prince Alwaleed bin Talal, chairman of KHC, concluded his private visit in Sharm El Sheikh, Egypt.

Prince Alwaleed, who is also the chairman of Alwaleed bin Talal Foundation expressed his satisfaction with the current situation in Egypt.

“I am very pleased that security and stability have been restored in the country so that Egypt can resume its rightful role in the world and region,” said Prince Alwaleed.

He said: “Egypt and the people of Egypt have always been dear to the Custodian of the Two Holy Mosques, King Abdullah and to the people of Saudi Arabia.”

The Egyptian government welcomed Prince Alwaleed presence in Sharm El Sheikh, according to the KHC statement.

It said Prince Alwaleed received phone calls from several officials including Abdel-Aziz Fadel, minister of civil aviation and Gen. Khaled Foda, South Sinai governor.

KHC has invested in Egypt’s hotel sector through Kingdom Hotel Investments (KHI), a wholly owned subsidiary that manages and owns direct stakes in Movenpick Resort El Quseir, and Movenpick Resort and Spa El Gouna. It also manages 23 Four Seasons hotels, Fairmont Raffles hotels and Movenpick Hotels and Cruisers across Egypt.

Also in the banking sector, KHC has a presence in Egypt via Citigroup and in the agricultural sector through its 100 percent direct ownership of the strategic Toshka project.

Prince Alwaleed’s privately owned investment in the media sector in Egypt includes the channels of Rotana that broadcast from Egypt.

Rotana Group is a diversified media company in the Middle East.

It is the world’s largest producer of Arabic music and a key distributor and producer of Arabic movies with a library comprising more than 1,600 movies.

Rotana owns a bouquet of leading free-to-air TV channels including, Cinema, Khalijiyah, Masryiah, Clip, Aflam and Musica broadcasting the latest Arabic movies, series, music videos globally and LBC group.

Rotana also has radio stations, a chain of cafes in most cities across the Arab world and it owns a magazine.

It also operates a leading regional advertising sales arm (Rotana Media Services) responsible for advertising sales on its TV channels as well other media businesses in the region.

Rotana’s content is also digitally distributed globally.

In addition to the Rotana channels, Al-Resalah Channel also broadcasts from Egypt and through Nile Sat.

Arab News