(MENAFN) President and chief executive officer at Outrigger Enterprises Group David Carey stated that Outrigger has completed the purchase of Alwaleed's Kingdom's M�venpick Resort and Spa, reported Arabian Business.
Carey added that purchase was concluded at the end of May for an undisclosed amount. However, a Kingdom Holding Co bourse statment stated that the cost was USD40 million.
The CEO of Outrigger expressed plans to expand in the Asia-Pacific region. He also said that the hotel will reopen by the end of 2013 under the name of its new owner.
It is worth mentioning that Al Waleed Bin Talal's Kingdom Holding is one of the biggest listed investment companies in the Middle East with a market value of around USD17 billion.
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