FINANCIAL NEWS

Saudi KH to diversify portfolio: Prince Alwaleed

07 May 2013

(MENAFN) Kingdom Holding’s chairman, Prince Alwaleed bin Talal, announced that the company plans to diversify its portfolio, make new acquisitions and sell stakes in several hotels, reported Arabian Business.

Alwaleed said that over the coming 2 years, KH will sell its stake in 20-30 traded hotels in Africa, the Middle East and Asia that it acquired, renovated, and branded.

Furthermore, it will look for investment opportunities around he world, to lessen its concentration in the region.

The company, which sold some equity in New York’s Plaza hotel in December for USD32.9 million and its stake in Fairmont Hotel and Raffles Suites & Residences in Manila in 2012, will not sell its stakes in Plaza Hotel in New York, the Savoy in London, the Four Seasons in Toronto and George V in Paris, said the Saudi billionaire.

It is worth noting that Kingdom Holding went public in 2007 and has a market value of about USD17 billion.

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