Kingdom signs Four Seasons financing agreement

18 July 2003
Saudi Arabia's Kingdom Hotel Investment Group on 16 July signed a $20 million loan agreement with a syndicate of Lebanese banks, led by First National Bank, to provide part of the financing for the $100 million Four Seasons hotel in Damascus. Other participants in the syndicate were Al-Mawarid Bank, Credit Bank, Lebanon & Gulf Bank, Middle East & Africa Bank, and Lebanese Swiss Bank. Lebanon's ProFinance acted as financial advisor on the transaction. The hotel is scheduled for completion in mid 2004. Other investors are Kuwait's Syrian Holding Company, Belgium-based/Syrian-owned Agro Industrial Investment & Development and the UAE's Majid al-Futaim Trust. The hotel will include luxury rooms, suites and furnished apartments, as well as restaurants, business centres and banqueting halls.

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