Saudi Arabia based Kingdom Hotel Investments (KHI) has announced a joint venture with Filipino real estate company Ayala Land to develop two hotels and a residence in Makati Avenue, Manila, with the total project cost expected to be US $152 million.
The development will include a 300-room Fairmont Hotel, a 30-suite Raffles hotel and 189 Raffles branded residences.
KHI chairman His Royal Highness Prince Alwaleed bin Talal bin Abdulaziz Alsaud said Makati continued to establish itself as the leading business destination in the Philippines.
"KHI seeks to capitalise on the growing demand for luxury accommodation in the region," he said.
Philippine President Gloria Macapagal-Arroyo said the investment was "a clear vote of confidence from the Middle East".
"[The Middle East] is a bastion of our national interest because of the presence of more than a million Filipino workers in that part of the world," she said.
"As we help build the mega-modern cities in the Middle East, we are glad that investors from there are taking a closer look at the Philippines. We invite more investments from the Arab nations that have been our partners for peace and prosperity."For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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