Dec 17, 2011
Prince Alwaleed & Prince Rachid Inaugurate FS Hotel, Marrakech

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) and HRH Prince Moulay Rachid inaugurated the Four Seasons Hotel, Marrakesh that is owned by KHC, during Prince Alwaleed’s visit to the Kingdom of Morocco. The event was attended by HH Princess Ameerah Al-Taweel, Vice Chairwoman of Alwaleed Bin Talal Foundation that is chaired by Prince Alwaleed. The occasion was also attended by Mr. Sarmad Zok, Chairman and CEO of Kingdom Hotel Investments (KHI) wholly owned by KHC, Ms. Kathleen Taylor, President and Chief Executive Officer, Four seasons Hotels and Resorts, Mr. Fouad Makhlouf, Vice President, Design and Constructions KHI and Christopher R.J. Knable, Vice President, Asset Management KHI. HRH and HH were accompanied by a delegation that included Dr. Nahlah Alanbar, Private Executive Assistant to HRH, Ms. Hassna Alturki, Executive Assistant Manager, Travel and External Affairs Dept., Mr. Hani Agha, Senior Manager Travel and External Affairs Dept. and Mr. Hicham Fleihan, Manager Travel and External Affairs Dept.

Prince Alwaleed commented: “This is another important achievement for Kingdom Holding Company.”

During His Highness’s visit he met with HE Mr. Yasser Znagui, Minister of Tourism. Moreover, after the inauguration ceremony Prince Alwaleed and Moulay Rachid toured the Presidential suites, Royal villas and the Ballroom. The hotel construction cost was $164 million and all 40 villas adjacent to the FS hotel have been sold earlier this year.

The Prince’s investments in Morocco through KHC in addition to the Four Seasons Hotel, Marrakesh include other hotel investments under construction in Morocco that will be management by companies in which KHC holds an interest like Fairmont and Mövenpick, and in the banking sector via Citigroup.

KHI, headquartered in Dubai (UAE), is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa. The company has ownership interests in 24 properties in 17 countries, including 22 operating hotels and resorts, and two hotels and resorts currently under construction.

The Four Seasons Hotel, Marrakesh is under the management of Four Seasons in which KHC holds a 47.5% stake and is co-owned by Bill Gates’ Cascade in which the company also holds a 47.5% stake, and 5% of the Four Seasons is owned by Isadore Sharp. Also, KHC owns a 33.3% stake in Mövenpick Hotels and Resorts. KHC holds a 35% stake in Fairmont Raffles Holdings International (FRHI).

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In June 2011, Prince Alwaleed received at his office in Riyadh, Mr. Fathallah Sijilmassi, Director General of Moroccan Investment Development Agency (MIDA). In 2010, HRH received at his office in Riyadh HE Ahmed Reda Chami, Moroccan Minister of Trade and New Technologies and an accompanying business delegation.

In 2008, H.E. Dr. Mohamed Al-Bishr Saudi Ambassador to Morocco received the Medal Awarded to HRH at 1st Meeting of Arab Gulf Investors in Morocco (Gulfinvest) on HRH’s behalf in Rabat. The medal was an acknowledgement of Prince Alwaleed’s achievements as a global investor. The 1st Meeting of Arab Gulf Investors in Morocco conference was organized by Arab Gulf Agency for Media and Communication. In the same year, Prince Alwaleed visited Morocco and was warmly received by His Majesty King Mohamed VI at the Royal Palace.