VOL. XLII
No. 39
27-September-1999
EGYPT
Prince al-Walid Ibn Talal Boosts Hotel Holdings
Saudi Prince al-Walid ibn Talal announced on 18 Septemberthat he will build two luxury hotels on Egypt痴 Red Sea coast at an estimatedcost of $100mn. The Prince痴 Kingdom Holding company has already entered intoan agreement with the Soma Bay Development Company to establish, develop andmanage Four Seasons and Movenpick hotels near Hurghada. Kingdom Holding owns a30% stake in Movenpick Hotels and Resorts and a...
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