Saudi Arabia's Kingdom Holding Company (KHC), the investment company of Saudi billionaire prince Alwaleed bin Talal, has sold its interest in Malaysia's Four Seasons Resort, the company said on Sunday.
The company sold its 90 per cent interest in the hotel, located in Langkawi, to Leisure Ventures, an affiliate of Singapore's Hotel Properties. The total value of the transaction, including the 10 per cent interest of EHC International, is around US$90 million.
Prince Alwaleed bin Talal said that this was another example of KHC's value realisation strategy from growth market investments. "KHC continues to be a stakeholder in this property through our interest in the management company Four Seasons Hotels and Resorts which will continue to operate the resort," he said.
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Read more:
[ Kingdom Holding to buy 16.2 per cent stake in Banque Saudi Fransi from Credit Agricole ]
[ Saudi prince Alwaleed to invest $800m in Egypt hotels ]
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The firm swung to a net profit of 216.3 million Saudi riyals for the second quarter of the year, compared with a loss of 80m riyals in the same period last year. KHC said the return to profitability came as a result of an "increase in income from and gain on investments in addition to increase in dividends income, increase in other gains and increase in share of results from equity-accounted investees".
However, the firm struggled last year as the result of low oil prices, it said in its annual report. KHC reported a 27 per cent slip in profits last year to 510,000 riyals compared to the year earlier.
In Saudi Arabia, KHC’s real estate interests include the famed Kingdom Tower in Riyadh and the under-construction Jeddah Tower, expected to be the tallest tower in the world once completed.
In addition to its hospitality and real estate investments, the Riyadh-based company is one of the largest foreign investors in the United States with stakes in companies such as Lyft, NewsCorp, Time Warner and Citigroup.
The investment firm said that it would continue targeting its existing sectors, including real estate, hotels and “profitable investment opportunities in other sectors locally, regionally and internationally”.
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Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya
Rating: 3/5
Bob Marley: One Love
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Law 41.9.4 of men’s T20I playing conditions
The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
• A new batter comes to the wicket between overs.
• An official drinks interval has been called.
• The umpires have approved the on field treatment of an injury to a batter or fielder.
• The time lost is for any circumstances beyond the control of the fielding side.
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Representing UAE overseas
If Catherine Richards debuts for Wales in the Six Nations, she will be the latest to have made it from the UAE to the top tier of the international game in the oval ball codes.
Seren Gough-Walters (Wales rugby league)
Born in Dubai, raised in Sharjah, and once an immigration officer at the British Embassy in Abu Dhabi, she debuted for Wales in rugby league in 2021.
Sophie Shams (England sevens)
With an Emirati father and English mother, Shams excelled at rugby at school in Dubai, and went on to represent England on the sevens circuit.
Fiona Reidy (Ireland)
Made her Test rugby bow for Ireland against England in 2015, having played for four years in the capital with Abu Dhabi Harlequins previously.
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Rating: 3/5
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Courtesy: Carol Glynn
The Little Mermaid
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Company profile
Company name: Fasset
Started: 2019
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Initial investment: $2.45 million
Current number of staff: 86
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1 Esha Oza, age 26, 79 matches
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- High fever
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
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Seven Winters in Tehran
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Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
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