Biz People: Saudi billionaire looks to Asia

The United States remains obsessed with the September 11, 2001 attacks on its soil and is unlikely to allow Arab investment into sensitive areas, said Saudi Arabian Prince Alwaleed bin Talal (right) said.

Speaking to London's Financial Times in a rare interview, the billionaire investor also said his Dubai-listed Kingdom Hotel Investments (KHI) has a $1 billion "war chest" and is looking to expand in Asia.

The Financial Times said it spoke with Alwaleed midway through his 10-day tour of Asia, which will take him to China for a meeting with President Hu Jintao this week.

KHI is a hotel and resort investment company focused on the luxury market segment. It has strategic partnerships with hotel operators Four Seasons, Fairmont and Movenpick.

"There is a double impact in Asia," Alwaleed told the newspaper. "Countries are growing fast on their own and also benefiting from the spillover effects of China's growth."

(China Daily 04/03/2007 page16)