Prince Alwaleed receives French PM – Political, economic, cultural matters discussed

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RIYADH, Oct 13: HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) received at his office in Riyadh, today Tuesday Oct 13, HE Manuel Valls, French Prime Minister who was accompanied by StÈphane Romatet, Diplomatic Advisor, Ibrahima Diawadoh N’Jim, Advisor to the Prime Minister and Eric Giraud-Telme, Deputy Head of Mission at the French Embassy to Saudi Arabia. The meeting was also attended by Mohammed Fahmi, KHC’s CFO, Mohammed Almujadidi, Senior Executive Manager, Office of HRH the Chairman, Ms Hassna Alturki, Executive Manager for International Relations to HRH the Chairman, Fahad Bin Nafil, Senior Executive Assistant to HRH the Chairman, Ahmed Altobaishi, Executive Assistant to HRH the Chairman and Hassan Mukhtar, Advisor to HRH the Chairman. The meeting began as the Prime Minister thanked Prince Alwaleed for his hospitality and warm welcome.

The two discussed political, economic and cultural matters. They also discussed the bi-lateral relations between Saudi Arabia and France, and the strong relations between HRH and France, especially KHC’s investments in France that are considered to be the largest Saudi Arabian presence in France through the ownership and management of the iconic landmark The Four Seasons Hotel George V, the management of Le Royal Monceau Hotel (Raffles), Disneyland, Paris (Euro Disney), 7 hotels in Disneyland, Paris, in addition to the management of the Grand Hotel du Cap Ferrat in the South of France, and through the presence of Citigroup.

Also Prince Alwaleed’s cultural contributions through Alwaleed Philanthropies that have donated US$20 million in 2005 to establish the center of Islamic Art at the MusÈe du Louvre. In June 2015, HE French President FranÁois Hollande and Prince Alwaleed held a meeting at the French Presidential Palace, The Elysee. In a strategic alliance between France & KHC. A consortium of France’s big companies led by the CDCIC International Capital, the International investment arm of Caisse des Depots, France’s Sovereign Wealth Fund, announced that they have approved an investment in KHC. The deal constitutes the acquisition of KHC’s shares with a minimum amount of $150 million dollars (SR563 million Saudi Riyals) subject to increase.

The number of shares and acquisition share price will be determined at a time closer to execution. The share price will be based on the trading price of the stock on the Saudi Stock Exchange (Tadawul). The investment is subject to applicable regulatory approvals under the Saudi Arabian Capital Markets Authority recently issued Rules for Qualified Foreign Financial Institutions Investment in Listed Shares. HRH Prince Alwaleed, who will be retaining his full ownership stake in KHC, welcomed this important and strategic milestone deal that is taking place pursuant to the Saudi Arabian Capital Market Authority opening to foreign investors.

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