The Saudi Al-Hakeer Group declared that it had incurred serious losses from its investment portfolio in Tunisia, reported Al-Watan . The tourism operator had to abandon its investment portfolio, which is valued at 56.4 million Saudi Riyals ($15 million).
The Chairman of the Board, Abed Al-Mohsen Al-Hakeer, said that his company needed to give up several tourism and leisure projects in Tunisia by selling them for less than 60-70 percent of their real value. These projects incurred successive operating losses, due to inaccurate feasibility studies carried out by the Tunisians. The largest of these projects is the Gulf Hotel, in which the Saudi group invested $25 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
