Saudi prince plans to build Bohol resort

President Arroyo announced yesterday that one of the world’s richest men, Saudi Prince Alwaleed Bin Talal Alsaud, is planning to build one of his Raffles resorts in Panglao, Bohol.

In a speech at the Bohol Youth Day celebration, the President said that Prince Alwaleed intends to bring in another $150 million for the project. Earlier, Prince Alwaleed’s Kingdom Hotel Investments forged a tie-up with Ayala Land Inc. (ALI) for a $153-million hotel project at the Makati Central Business District.

Mrs. Arroyo said that the "decision of Prince Alwaleed to invest in Panglao was a result of her discussions with the heads of the oil-rich Kingdom of Saudi Arabia during her state visit last year.

The President said the Saudi Prince has expressed interest in buying the entire property in Panglao held by the Fonaciers, with the help of ALI.

"They would like to buy the whole Fonacier property in Panglao to put up a six-star (luxury) resort," the President said.

The resort would carry the famous Raffles name of Kingdom Hotel Investments, which is chaired by Prince Alwaleed.

Panglao Island in Bohol is one of the most popular tourist destinations in the country, particularly for beach and diving enthusiasts.

The Arroyo administration has made the promotion and development of the tourism industry as among its priorities.

A bill that would provide fiscal and non-fiscal incentives for investments in tourism has been passed in the Senate but is still pending in the House of Representatives.

Once passed into law, the Tourism Act would pave the way for the establishment of tourist enterprise zones where investors would be given a package of fiscal and non-fiscal incentives.