Govt in talks with Saudi tycoon on WCCR stake

GOVERNMENT has started negotiations with Prince Alwaleed Bin Talal Abdulaziz Alsaud of Saudi Arabia who is interested in acquiring shareholding in the loss-making State-owned Windhoek Country Club and Resort.

Prime Minister Theo-Ben Gurirab said Prince Alwaleed had shown an interest in buying shares in the WCCR and had assigned his officials to work out a deal with the Namibian Government. Government took ownership of the hotel a few years back after Stocks and Stocks Namibia ran into financial difficulties despite having received a massive Government-guaranteed loan.Government has invested more than N$125 million in the hotel through loan guarantees.Alwaleed was in Namibia this week and had brief discussions with senior Government leaders on Tuesday.He is on a business trip to 14 African countries and has different businesses around the world.The Prince is also the largest shareholder in the World City Bank and has been listed the fourth richest person in the world by Fortune 500.He co-owns a recording company with pop star Michael Jackson.He has made major investments in Apple Computer Inc, Four Seasons Hotels & Resorts, Motorola Inc, Netscape, Trans World Airlines, Saks Fifth Avenue, Disneyland-Paris, Daewoo, Hyundai Motors, various hotel and real estate developments, Saatchi & Saatchi, Planet Hollywood International, Norwegian Cruise Lines and other international businesses.Forbes magazine named Bill Gates and Alwaleed the two most successful entrepreneurs in the world.Gurirab said Alwaleed had offered to help with the flood situation in the Caprivi – with helicopters, boats and trucks.”It was now left with my office and with other relevant Government Ministries and our co-operating partners to find out availability of the equipments and costs to hire,” Gurirab said after talks with Alwaleed.The Prince left for Tanzania on Tuesday evening.Government took ownership of the hotel a few years back after Stocks and Stocks Namibia ran into financial difficulties despite having received a massive Government-guaranteed loan.Government has invested more than N$125 million in the hotel through loan guarantees.Alwaleed was in Namibia this week and had brief discussions with senior Government leaders on Tuesday.He is on a business trip to 14 African countries and has different businesses around the world.The Prince is also the largest shareholder in the World City Bank and has been listed the fourth richest person in the world by Fortune 500.He co-owns a recording company with pop star Michael Jackson.He has made major investments in Apple Computer Inc, Four Seasons Hotels & Resorts, Motorola Inc, Netscape, Trans World Airlines, Saks Fifth Avenue, Disneyland-Paris, Daewoo, Hyundai Motors, various hotel and real estate developments, Saatchi & Saatchi, Planet Hollywood International, Norwegian Cruise Lines and other international businesses.Forbes magazine named Bill Gates and Alwaleed the two most successful entrepreneurs in the world.Gurirab said Alwaleed had offered to help with the flood situation in the Caprivi – with helicopters, boats and trucks.”It was now left with my office and with other relevant Government Ministries and our co-operating partners to find out availability of the equipments and costs to hire,” Gurirab said after talks with Alwaleed.The Prince left for Tanzania on Tuesday evening.