Saudi Arabian company to invest in Viet Nam’s hotel industry

31/01/2007 -- 11:38 AM

London (VNA) - Kingdom Hotels Investments (KHI), a listed vehicle controlled by Saudi Arabian Prince Alwaleed bin Talal, will develop a luxury Raffles resort in central Viet Nam as part of its aggressive Asian expansion strategy. The 150-room hotel, which will be built in Da Nang city at an estimated cost of 65 million USD, is due to open in 2011, the Financial Times, a prestigious British newspaper, reported. This is the first of many planned acquisitions designed to tap into fast-rising demand for luxury hotel and residential resorts across fast-growing economies in Asia , including Viet Nam. Sarmad Zok, KHI chief executive, predicted that 70 percent of the company's war chest would be invested in Asia over the next three to five years.-Enditem
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