Saudi Royal Family to Buy Bohol REsort
Monday, March 12th, 2007
Saudi royal family to invest in Bohol resort - INQUIRER.net, Philippine News for Filipinos
Saudi Arabia’s royal family is buying up a chunk of Panglao Island in Bohol, where they intend to put up a six-star resort.President Gloria Macapagal-Arroyo herself disclosed the news in a speech at the Bohol Youth Day celebration on Saturday at the Carlos P. Garcia Sports Complex here where she also rallied support for Team Unity senatorial bets.
The President made the disclosure to prove “the Philippines has regained world confidence because of its growing economy and stabilizing politics.â€
Ms Arroyo said the Saudi Arabian royal family, through its Kingdom Holdings, expressed their intention to invest $150 million in Panglao through a tie-up with Ayala Land.