Kingdom Hotel Investments, which is owned by Prince Alwaleed bin Talal, the Saudi Arabian billionaire, has made its first foray into Cambodia with a double purchase. Sunday Times

It has bought Raffles Hotel Le Royal in the capital Phnom Penh and the Raffles Grand Hotel d’Angkor in Siem Reap, close to the historic ruins at Angkor, for a total of $35m (£17.2m).

Raffles will continue to manage the hotels while the properties are owned by Kingdom.