Kingdom invests $1 bn in Bangladesh

The Bangladesh cabinet approved an offer by Kingdom Hotels Investments to spend as much as one billion dollars to build hotels and resorts in the country, a government statement said. The cabinet, led by Prime Minister Khaleda Zia, discussed a KHI proposal to invest in the luxury Sonargaon Hotel, the country’s biggest, in the capital Dhaka and also approved its plans to build new hotels, the statement said.

Saudi tycoon Prince Alwaleed bin Talal, who owns a majority stake in KHI, visited Bangladesh last November and made a formal proposal to invest in the country’s fast-growing hotels and tourism sector.