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Tue 7 May 2002 04:00 AM

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Kingdom Hotel Investment (KHI) Group valued over US $1 bn

Kingdom Hotel Investment (KHI) Group held its first annual general assembly meeting on March 13th. KHI was formed, as part of a consolidation move of HRH Prince Alwaleed bin Talal's Middle Eastern hotel assets into an independent investment vehicle.

Kingdom Hotel Investment (KHI) Group held its first annual general assembly meeting on March 13th. KHI was formed, as part of a consolidation move of HRH Prince Alwaleed bin Talal's Middle Eastern hotel assets into an independent investment vehicle. Principal shareholders include Prince Alwaleed bin Talal, Sheikh Mohammed bin Issa Al-Jaber and other prominent private equity investors."We are very proud to have successfully formed KHI. The company is the sole investment vehicle of its kind in the region and owns a unique collection of high quality assets that will set new standards in the region," commented Prince Alwaleed chairman of KHI. KHI's executive board is governed by HRH Prince Alwaleed bin Talal, Sheikh Mohammed bin Issa Al-Jaber, and Mr. Sarmad Zok. Mr. Zok was formerly involved with Prince Alwaleed’s hotel business activities and was appointed as KHI’s Chief Executive Officer and Managing Director.Currently, KHI owns 10 properties across the Middle East. Through local partnerships, KHI controls over $1 billion of real estate and most of its assets are either operational such as the El Gouna Mövenpick Hotel and Resort, or under completion or scheduled to open during the next 24 months.Imminent openings this year include the landmark Mövenpick Hotel and Resort in Beirut, the Four Seasons resort in Sharm El-Sheikh, and the Four Seasons in Amman. As for the projects under construction and scheduled to be opened later, Four Seasons Cairo, Four Seasons Beirut, Four Seasons Damascus, and Mövenpick Tripoli."KHI's operating philosophy is to aggressively expand its existing portfolio and position itself for a potential Public Offering in the next three to five years. We are currently looking at a number of opportunities in the Gulf region and North Africa, and we are placing emphasis on acquiring hotels that have opened or are just about to do so" said Mr. Sarmad Zok.

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