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FINANCIAL NEWS
Saudi KHC gives up stake in Philippines hotel for USD58m
07 Oct 2012
(MENAFN) Kingdom Holding Company (KHC), chaired by Saudi billionaire Prince Alwaleed bin Talal, has agreed to sell its stake in the Fairmont Hotel and Raffles Suites & Residences in Manila, the capital of the Philippines, for USD58.1 million, Reuters reported.
The stake was sold to a unit of the Philippines’ Ayala Land Inc and earned an estimated profit of USD5.86 million, KHC said.
The Saudi company said it would remain a stakeholder in further stages of the real estate project but did not elaborate on the size of its stake.
Kingdom Holding has minority stakes in some of the world’s most valuable companies, including Rupert Murdoch’s News Corp and microblogging site Twitter.
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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