Philippine hails Saudi $153 m. hotel investment

The Philippine president hailed a deal by Saudi Prince Alwaleed bin Talal to invest US$153 million (€114 million) in an upscale Manila hotel complex, saying Tuesday more Arab investors should follow suit. Prince Alwaleed, ranked 13th on Forbes' list of the world's richest men, visited Manila for a few hours late Monday to meet with Arroyo, Cabinet officials, and the country's leading property developer, Ayala Land Inc., Saudi Embassy officials said. Ayala Land and Dubai-based Kingdom Hotel Investment, founded and chaired by Prince Alwaleed, agreed last month to build the luxury hotel complex in the capital's Makati financial district, described as the biggest hotel investment in the country.