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The Olayan Group and Mandarin Oriental Hotel Group are embarking on a major restoration of the famed Hotel Ritz in Madrid, which is jointly owned by the two groups.

On behalf of the joint venture, Mandarin Oriental announced that the historic hotel will close on Feb. 28 for a $121-million restoration, which is expected to be completed in late 2019.

Olayan America and its real estate development partner Chelsfield unveiled plans for 550 Madison Avenue in Midtown Manhattan. The plans include the selection of internationally acclaimed architecture and design firm Snøhetta to reimagine the lower levels of the office tower and update the building with state-of-art systems.

Olayan America acquired the property in May 2016 as a multi-generational asset.

Lubna Olayan, a director of The Olayan Group and CEO of Olayan Financing Company, served as co-chair of the inaugural Saudi-US CEO Forum.

Coinciding with US President Donald Trump’s first official visit to Saudi Arabia, the forum featured the signing of dozens of agreements between US companies and the Kingdom. The organizers hope to make the forum an annual event, to boost bilateral trade and investment between Saudi Arabia and the United States.

The Olayan Group has named a new chief executive officer to head its global operations.  He is Robert G. Leary, a former top executive at TIAA and its subsidiary, Nuveen.

The Olayan Group has closed an investment in Andean Tower Partners (ATP), a company specializing in telecom infrastructure in the Andean region of South America. Other key institutional investors in this private placement are Equity International and TC Latin America Partners.

ATP was founded by Digital Bridge, a leading owner and operator of mobile and internet infrastructure globally. Digital Bridge has over two decades of experience in the telecom sector, with a proven track record in the United States, Mexico, Colombia and Peru.