Chairman of Saudi Arabia’s Kingdom Holding Company (KHC), Saudi Prince Alwalid Bin Talal pledged to support the Lebanese economy during the coming years and said that his total investments in Lebanon will amount to $1.5 billion.
“My investments in the tourism sector in Lebanon amount to $0.5 billion in addition to other investments in the media and banking sectors,” Daily Star quoted him as saying during the opening of the Four Seasons Hotel, adding that the projects totaled $1.5 billion.
The opening of the hotel took place in the presence of President Michel Suleiman, Prime Minister Saad Hariri and Speaker Nabih Berri ( see picture) , in addition to other prominent political figures.
KHC is one of world’s largest and most diversified private investment companies, with holdings in a large number of Saudi Arabian, Middle Eastern and International companies. In particular, KHC is a leading hotel investor, with a portfolio of hotels and majority interests in international hotel management companies.
KHC owns a 47.5 percent of Four Seasons Hotels chain which is one of the world’s leading managers of luxury hotels and resorts with a portfolio of 74 luxury hotels and resort properties containing 18,090 guest rooms as of March 2007.
These properties are marketed under the brand name Four Seasons in 30 countries.
KHC also has a stake in Movenpick hotels and resorts which opened in Lebanon during 2002 as well.
The prince, a member of the Saudi Royal Family is the grandson of Lebanon’s former first PM Riad el Solh.
As of March 2010, his net worth is estimated at US$19.4 billion, up from $13.3 billion, according to Forbes, making him the 19th richest person in the world on their list published in March 2010. He has been nicknamed by Time magazine as the Arabian Warren Buffett.