Ghana is honoured by the visit - Prez Kufuor
The visiting Prince of Saudi Arabia, Alwaleed Bin Talal Bin Abdul Aziz Alsaud, on Tuesday expressed interest in investing in the reconstruction of Ambassador Hotel as a joint partner, a venture estimated to attract about 40 million dollars.

Prince Alwaleed, who was conducted round the site of the Hotel in Accra by Mr Jake Obetsebi-Lamptey, Minister of Tourism and the Modernisation of Capital City has, therefore, directed his representatives to enter into negotiations with owners of the Hotel for a possible agreement.

The once vibrant Ambassador Hotel, built in 1957 as one of the major state-owned hospitality plants, ceased to operate in the 1980s. The State, Social Security and National Insurance Trust (SSNIT), Grace Investments and Ghana Reinsurance Company were until recently the owners.

Prince Alwaleed expressed the hope that the evaluation of the project, negotiations and other deals would be finalised for reconstruction work to be completed within two years.

Mr Obetsebi-Lamptey, who later told Journalists that the project would attract an investment of between 30 million dollars and 40 million dollars, told the Prince that the government was interested in clearing all impediments within a reasonable time to revamp the hotel.

He said the Government was looking for strategic investors to speed up the establishment of hospitality plants to create jobs and increase earnings from the tourism sector, adding that all efforts would be made to restore Ambassador Hotel to its former glory as a classy hotel.

He said, considering the status of Prince Alwaleed in international business, he was encouraged by his interest in Ghana, as other major international entrepreneurs were likely to be attracted to the country as a result of his association.

"He is a major player in business and we are excited to have him here. The business community gravitate towards where their compatriots and it is possible that others would follow him here," he said.

The 48-year old Prince, who is leading a 22-member business delegation on a three-day exploratory investment visit, is the Chairman of the Saudi-based Kingdom Holding Company.

His business holding cover Banking, Estate Development, Hospitality, Telecom, Agriculture, Information Technology, Broadcasting, Media, Entertainment, Travel, Automotive Manufacturing and other businesses.

Mr George Amoako Temeng, an Official of SSNIT, said the reconstruction of Ambassador Hotel would light up the nightlife of its environs, Down Town Accra, which at present becomes virtually dead in the evening.

He said tourists like to enjoy the nightlife of a city, but there was little to offer now.

Prince Alwaleed, who leaves Accra on Wednesday, would hold discussions with the President, Vice President, Ministers of State and other private and public officials.

The Ambassador Hotel redevelopment programme began in 1992 when the Government of Ghana (GOG) entered into a joint-venture partnership Samed Associates; a company formed and sponsored by the Palestine Liberation Organisation, but was stalled due to technicalities.

Grace Investments took over the interest of Samed and invited SSNIT and Ghana Reinsurance and thus bringing the investment portfolio to SSNIT, 57 per cent; GOG, 27 per cent; Grace investments, 11 per cent and Ghana Reinsurance five per cent.
Before selling its interest Samed had carried out some renovation works but since it withdrew no further development took place thus compelling the government to re-possess it according to a release from Mr Amoako-Temeng, made available to the Ghana News Agency.

Ghana is honoured by the visit of the Saudi Prince-Kufuor

President John Agyekum Kufuor on Tuesday said Ghana was honoured to have the Saudi Prince, Alwaleed Bin Talal Bin Abdul Aziz Alsaud, as a strategic development partner.
"We feel happy to have an honoured partner like you as a strategic development partner for our mutual benefit".
President Kufuor made the observation when the visiting Prince paid a courtesy call on him at the Castle, Osu.
The 48-year old Prince, who is leading a 22-member business delegation on a three-day exploratory investment visit, is also the Chairman of the Saudi-based Kingdom Holding Company.
His business holdings cover Banking, Estate Development, Hospitality, Telecom, Agriculture, Information Technology, Broadcasting, Media, Entertainment, Travel and Automotive Manufacturing.
President Kufuor urged Prince Alwaleed to consider offering assistance to revamp the Ghana Airways to retain its status as a major airline in the Sub-Region, the education sector and research institutions in the health sector to combat or reduce malnutrition among children, malaria and the HIV/AIDS menace.
He said the visit had established a firm foundation for the relations between the two countries, especially the Moslem community and the assistance offered by the Saudi government to Ghanaian pilgrims to Mecca.
Prince Alweed pledged to play a major role in Ghana's socio-economic development efforts and invest in sectors that would be of immense benefit to the people.
He said Ghana had the peace and stability to attract investors and with a viable private sector, would be a better destination for investment.
"I would endeavour to assist the government and Ghanaians to fulfil their aspirations in development," he added.