Over 10 million iftar meals served at Two Holy Mosques during first half of Ramadan    421,144 worshipers use electric golf carts at Grand Mosque during Ramadan    Yemeni man and woman arrested for misusing children for begging in Makkah    NCM forecast: Thunderstorms to hit most Saudi regions until Sunday    Princess Reema bint Bandar greets Saudi Special Olympics team in Jeddah    stc group is the third-strongest telecom brand worldwide    King Salman Royal Reserve records birth of Nubian ibex    British tourist missing after Thailand boat fire    Taiwan revokes visa of pro-Beijing Chinese influencer    AFC Champions League Elite Finals draw sets stage for Jeddah showdown    Cannes award-winning actress Dequenne dies at 43    Saudi Arabia grants Tier 1 cybersecurity licenses to six MSOC providers    Saudi Arabia's inflation rate keeps steady at 2% in February    Newcastle United ends 70-year wait for domestic glory with Carabao Cup triumph    Peace deal must bar Ukraine from Nato, Russian official says    Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Singer Wheesung who wooed Korea with his ballads, found dead at 43    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



KHC in $847m deal with Qatari Diar
Published in The Saudi Gazette on 10 - 04 - 2010

Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal said last Monday that a series of agreements were clinched between Fairmont Raffles Holdings International (FRHI) and Voyager Partners Limited (Voyager) and QD Hotel & Property Investment Limited (QDHP). Voyager is a private investment entity based in the Cayman Islands. QDHP is a wholly-owned subsidiary of Qatari Diar, the principal real estate investment entity of the Qatar Investment Authority.
Alwaleed said “I welcome the strategic alliance with Qatari Diar.”
Under the agreements, Voyager has acquired for a combination of cash and other consideration a 40 percent shareholding in FRHI. In addition, QDHP has undertaken to provide FRHI with a number of future management contracts for hotels that will be branded either Fairmont, Raffles or Swissotel. In addition, QDHP will work closely with its various stakeholders and FRHI on branded hotel management opportunities in the future. As a result of these agreements, Kingdom Holding Company will become the second largest shareholder in FRHI, and Colony Capital will become Fairmont's third largest shareholder.
Commenting on the transaction, Alwaleed said “I am delighted to welcome both Voyager and QDHP as our new and strategic partners in FRHI. The selection of FRHI as their flagship hotel entity, and the significant cash investment made, underlines the strength of FRHI's brands and management capabilities and provides assurance that FRHI's growth on a global basis will be amongst the highest in the industry.”


Clic here to read the story from its source.