Kingdom Holding, the Riyadh-listed company controlled by Prince Alwaleed bin Talal, has seven remaining hotel assets in its emerging markets portfolio which it may sell in the coming three years, according to a person familiar with the matter.
The forthcoming sales are part of the firm’s strategy to exit investments it made in some of the emerging markets while continuing to focus on Asia, Europe, and the United States which are considered growth markets by the company, according to the person who spoke on condition of anonymity. The sale is in line with the company’s plans since its unit, Kingdom Hotel Investments which manages a portfolio of hotel properties was taken private in 2010.
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Kingdom has sold over 20 assets in emerging markets since 2010. In 2017, Kingdom sold its 90 per cent interest in Malaysia's Four Seasons Resort for around $90 million. This year, the company off loaded its stake in Beirut's Four Seasons property for around $100m to $115m including debt, according to a Reuters report. The firm also sold the Four Seasons in Damascus, the Financial Times reported in March.
Alwaleed, who is among the most prominent businessmen in the world’s biggest oil exporting nation, was detained last year as part of Riyadh’s anti-corruption crackdown, but was released from the Ritz-Carlton hotel in the capital on January 27. He was among 200 Saudi businessmen, high-ranking government officials and ministers who were detained as part of the crackdown.Alwaleed’s investment firm owns stakes in global companies such as Citigroup and Twitter.
On Monday, Kingdom and its partners agreed to sell Movenpick Hotels and Resorts to AccorHotels for 560 million Swiss francs (Dh2 billion) in cash. The sale to AccorHotels, in which Kingdom owns a 5.8 per cent stake, is expected to be finalised in the second half of this year, the company said in a statement to Saudi Stock Exchange, where its shares are traded.
The Movenpick transaction is the first by the billionaire prince’s investment conglomerate since he was released in late January.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
