RIYADH, Feb 16: Leading Saudi investor Prince al-Waleed bin Talal is in negotiations to build an eight-storey, 150-room hotel on Tel Aviv’s coastline, the Israeli newspaper Yedioth Ahranoth reported in its online edition.

The Israeli paper says that two architects have already started working on the project. One is Mr Talal’s private architect Basel al-Beiti, who had worked with him on oriental hotels across the world.

The other is former Tel Aviv chief city engineer Yisrael Gudovich.

Plans by the Saudi prince to build the eight-story hotel in Tel Aviv together with the Abulafia family of Jaffa are in their early stages, the Jerusalem Post also reported on Friday.

Bin Talal -- the world’s eighth-wealthiest man and the wealthiest Arab, according to Forbes -- is eyeing a beachfront property facing the Opera Building on Herbert Samuel Road to build Oriental-style hotel, the paper reported.

Mr Gudovich said the plans were still in their very early stages. “We will know more in two weeks, when I meet with Mr Beiti in London,” he told the Jerusalem Post on Thursday.

Tel Aviv engineer Chezy Berkowitz also confirmed that initial discussions had taken place on the project, but said reports that architectural plans had been submitted to the municipality were incorrect.

Regarding the Saudi connection, Berkowitz said: “I don’t know who owns what. The municipality doesn’t have any connection or control over the owners, just the planning.”

The land reportedly belongs to the Abulafia family. One city official said that Mr Abulafia of Jaffa had come to the municipality to discuss plans, but he could not confirm if it was Hamis Abulafia, the owner of the land who was quoted by Yediot Aharonot as promising the deal would be “a big story”.