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Kindgom H1 profit slumps, but investment continues

27 August 2009

Dubai-based Kingdom Hotel Investments, the hospitality firm controlled by Prince Alwaleed bin Talal, has reported a 61% drop in first-half profit, Bloomberg has reported. Net income fell to $8m from $20.6m a year earlier. Sales dropped 11% to $103.3m after revenue per available room fell 18%. Sarmad Zok, Kingdom's CEO, said the company will spend $367m between now and the second half of 2011 on building five new properties, the first of which will open in Beirut by the end of the year. After that, 'every six to eight months we are going to open a hotel," he said.

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