(MENAFN - Arab News) Prince Alwaleed bin Talal, Chairman of Kingdom Holding Company (KHC) has confirmed his commitment to develop his investments in Bahrain at a meeting held with Bahrain leaders and officials in his office in Riyadh on Saturday.
Prince Alwaleed has already announced that Rotana media group and Alarab news channel will be relocating their headquarters to the neighboring country.
In the meeting on Saturday, Prince Alwaleed met with Sheikh Rashid bin Khalifa Al-Khalifa, Bahrain's Interior Ministry Undersecretary for Nationality, Passports and Residence Affairs and an accompanying delegation. The delegation included Sheikh Khalifa bin Rashid Al-Khalifa; Khalid Al-Sha'er, Assistant Undersecretary of the Ministry for Ceremonies and Protocol; and Khalid Al-Kuwari, Sheikh Rashid bin Khalifa's office manager.
The meeting was also attended by Heba Fatani, Senior Executive Manager, Corporate Communications Department; Intisar AlYamani, Executive Manager, Corporate Communications Department; and Fahad Bin Saad Bin Nafel, Executive Assistant to Prince Alwaleed.
Sheikh Rashid and Prince Alwaleed discussed the close ties between their respective countries and global and regional social and economic issues.
Prince Alwaleed referred to KHC's investments in Bahrain in the financial sector through Citigroup; in the hotel and tourism sector through the construction of the Four Seasons and Mvenpick hotels; and through his private investments that include Rotana and Alarab news channel. He added that he wants to expand his investments in Bahrain.
KHC has a 33.3 percent stake in Mvenpick Hotels and Resorts, a 47.5 percent stake in Four Seasons Hotels and Resorts, which is co-owned by Bill Gates' Cascade in which the company also holds a 47.5 percent stake. Five percent of the Four Seasons is owned by Isadore Sharp, the company's chairman.
Sheikh Rashid handed Prince Alwaleed a letter from Prince Khalifa bin Salman Al-Khalifa, prime minister of the Kingdom of Bahrain.
Prince Alwaleed, who is chairman of the Rotana Group and the owner of Alarab News Channel, visited the Kingdom of Bahrain in December 2012, where he met with the Bahraini prime minister to discuss the relocation of Rotana and Alarab.
Prince Alwaleed said: "The Rotana and Alarab relocation to Bahrain coincides with the handover of the GCC (Gulf Cooperation Council) Summit presidency from Saudi Arabia to Bahrain." He said it was a "strategic step for Rotana and Alarab news channel and a giant leap for media in the region."
In May 2012, King Hamad awarded Prince Alwaleed the "The Bahrain Medal of the First Order" the country's highest honorary medal.
In February 2012, Prince Alwaleed and Prince Salman Bin Hamad Al-Khalifa, Crown Prince of the Kingdom of Bahrain, attended the inauguration of "Bahrain the Capital of Arab Culture 2012" at the National Museum of Bahrain. Manama was selected as the capital of Arab culture for 2012.
In December 2011, Prince Alwaleed congratulated Bahrain for the national team gold medal victory in the 12th football championship of the Arab Games which concluded in Doha, Qatar. Prince Alwaleed gave 10,000 as a gift to each team member and stressed the importance of supporting sports and athletes in the GCC countries.