This archive report was first published on 5 June 2020.
Published on June 5, 2020, a report by Business Daily revealed that Saudi billionaire Prince Al-Waleed bin Talal had sold his stake in two iconic Kenyan hotels, Fairmont The Norfolk and Fairmont Mara Safari Club, to the Chaudhary Group (CG).
The Chaudhary Group, a multi-national conglomerate headquartered in Nepal, has a diverse portfolio of businesses including financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medicine.
With a controlling stake in Nabil Bank, Nepal's largest private-sector commercial bank, the group operates several companies across various sectors, including CG Finco, United Remit, United Finance, and United Insurance Company.
According to reports, this is the second deal in the region for the Kathmandu-based multinational, which also owns Le Relax Hotel in Seychelles. The group's chairman and president, Binod Chaudhary, is estimated to be worth $1.4 billion.
CG Group has also recently signed a deal worth $1 million with China's Huawei to launch 4G services in Nepal.
