Coup fails to deter Saudi hotel plan
Despite the military coup and downgraded diplomatic relations, a Saudi investment group has agreed to expand investment projects in southern Phang Nga province.
Kingdom Hotel Investment (KHI), chaired by Prince Alwaleed bin Talal bin Abdulaziz al-Saud, decided to invest US$115 million (Bt4.32 billion) in a hotel project in the province at the very same moment the coup of September 19 took place, the Thai charge d'affaires to Saudi Arabia, Suvat Chairapant, said at the weekend. The investment reflects the prince and his investment group's confidence in the Thai economy and people, Suvat said. Suvat was informed about the proposed investment when he was granted an audience with the Saudi prince last Monday. The prince expressed his confidence that he would invest more in Thailand in the coming years, Suvat said. The proposed project - Raffles Phang Nga Resort and Residences - will start operations in 2009 with 150 rooms and 25 luxury residential villas. "Thailand is an exciting market for KHI. We announced our first investment in the country earlier this year and are pleased to add the Raffles Phang Nga Resort to our portfolio," said Prince Alwaleed bin Talal in a statement. KHI has invested more than $1 billion in the Thai tourism sector with several first-class hotels and resorts. Thailand and Saudi Arabia established diplomatic relations on October 1, 1957. However, relations soured in 1989 following the murder of three Saudi embassy officials and a businessman in Bangkok who were looking into the theft of jewellery from a Saudi palace by a Thai worker. More than 200,000 Thai workers have been deported since then, with only around 10,000 remaining in the desert kingdom. Thailand has failed in many attempts to restore friendly relations as Riyadh has demanded evidence of progress in the investigation of the cases. The two countries, however, have maintained strong economic ties with trade reaching $5 billion last year. Thailand mainly imports crude oil and petrochemical products while exporting motor cars and parts. Strong relations have also been seen in the cultural sector as some 10,000 Thai Muslims make their pilgrimage to the holy city of Mecca every year. More than 12,400 Thai Muslims have applied for documentation to take part in this year's Haj.
Supalak Ganjanakhundee The Nation Riyadh
|
