Kingdom Holding sells Mövenpick Bur Dubai stake for SAR 360 mln

28/12/2014 Argaam

Saudi Arabia-based Kingdom Hotel Investments Company, which is wholly-owned by Kingdom Holding Company, sold its stake in Mövenpick Hotel & Apartments Bur Dubai on Sunday to an Emirates-based investment company for SAR 360 million.

The deal was completed on Nov. 28, 2014, the company said in a statement obtained by Argaam.

Saudi billionaire Prince Alwaleed bin Talal, chairman of the company's board, said the deal reflects a new achievement for the company in line with its strategy to grow its investments in fast-growing markets.

Dubai-based Kingdom Hotel Investments Company is in the business of acquiring and developing hotels and resorts in the emerging markets of the Middle East, Asia, and Africa.

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