Saudi group Olayan to en­ter Costa Navarino

Kathimerini English - - Front Page - BY ANESTIS DOKAS

Olayan, Saudi Ara­bia’s strong­est business group, is en­ter­ing Costa Navarino as the fourth share­holder with an equal stake to those of the other three held by the Kon­stan­ta­kopou­los fam­ily.

The Saudi group will par­tic­i­pate in the Greek tourism en­ter­prise by way of a share cap­i­tal in­crease to strengthen the Costa Navarino re­sort in the south­west­ern Pelo­pon­nese and its fur­ther growth in the tourism sec­tor. The aim of the move is not just to support the group’s next in­vest­ment stage but also to sup­ply liq­uid­ity.

Achilleas Kon­stan­ta­kopou­los will con­tinue to lead the com­pa­nies that com­prise the Costa Navarino group, as has hith­erto been the case.

The Olayan Group, one of the most im­por­tant global in­vest­ment en­ti­ties, has been present in Greece for the last 30 years and ac­quired hold­ings in sev­eral Greek en­ter­prises, il­lus­trat­ing its long-term strat­egy for po­si­tion­ing in this coun­try. Ac­cord­ing to a Costa Navarino state­ment, the two groups share the same mind-set and the same vi­sion for the longterm and sus­tain­able de­vel­op­ment of Costa Navarino and the re­gion of Messinia.

The share cap­i­tal in­crease should fur­ther ac­cel­er­ate the growth of the re­sort. Its pre­cise plans and timetable will be an­nounced once their draft­ing is com­pleted dur­ing the first quar­ter of 2015. “This co­op­er­a­tion high­lights the suc­cess of the sus­tain­able tourism de­vel­op­ment that Costa Navarino rep­re­sents and has placed it among the top-qual­ity des­ti­na­tions in Europe,” the state­ment added.

Olayan con­trols dozens of en­ter­prises around the world. Since 2000 and the death of Suliman Olayan, the group has been chaired by his son, Khaled. The for­tune of Khaled Olayan and his three sis­ters is es­ti­mated at $12 bil­lion, mak­ing him one of the planet’s rich­est peo­ple.

In Greece Olayan has also in­vested in the Chipita food company and has tra­di­tion­ally been one of the big­gest stake­hold­ers in Greek bot­tler Coca-Cola HBC. Olayan co­op­er­ated for many years with An­ge­los Plako­pi­tas’s Global Fi­nance in­vest­ment firm, and to­day holds a stake in Vi­var­tia, Chipita’s cur­rent par­ent company, in bak­ery units in Saudi Ara­bia. Since 1992 it has also par­tic­i­pated in the share cap­i­tal of Athens-listed company Flex­opack through port­fo­lio in­vest­ment company Com­petrol Es­tab­lish­ment.

Olayan also part­nered the Kon­stan­ta­kopou­los fam­ily in bid­ding for the Astir Palace Re­sort in Vou­liag­meni, south­ern Athens, lead­ing to its par­tic­i­pa­tion in Costa Navari- no. Since 1975 it has trans­ferred to Greece the great­est part of its in­ter­na­tional ac­tiv­ity that un­til then was based in Beirut. The choice of Athens did not come about by chance, as Khaled’s mother is Greek.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.