01.06.2006 Business & Finance

Saudi Prince Receives State Honour

01.06.2006 LISTEN

President John Agyekum Kufuor yesterday conferred State Honour, "Order of Star of Volta, Civil Division" on Saudi Prince Alwaleed Bin Talal Bin Abdul Aziz Alsaud in recognition of his commitment to humanity and particular interest in Ghana's economy.

The Prince annually donates about 150 million dollars to charity globally. In Ghana, Prince Alsaud made available one million dollars in support of the health and education sectors three years ago. He has also invested in the banking industry of the country, owning 10 per cent shares in the ECOBANK and 14 per cent shares in the Cal Bank.

Additionally, he is putting in an investment of about 100 million dollars into the New Ambassador Hotel project, something President Kufuor said was an indication of his confidence in Ghana's economy.

President Kufuor said the Hotel was a treasured national heritage and described the formal commencement of work on its rebuilding as "a moment that is emotional and sentimental". He said Ghana appreciated her friendship and partnership with the Prince.

Responding, Prince Alsaud promised more co-operations to strengthen the relationship between Ghana and Saudi Arabia. He said he would never hesitate to assist when necessary to push the economy of the nation forward.

Vice President Aliu Mahama and some Ministers of State were present at the ceremony held at the Castle, Osu in Accra.

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