Dur Hospitality Co. Announces an update on which Dur Hospitality Co. Announces the Signing of a Memorandum of Understanding (MoU) with the Smart Zone Real Estate Company (wholly owned by Saudi Telecom Co. stc)

Dur Hospitality Co. Announces an update on which Dur Hospitality Co. Announces the Signing of a Memorandum of Understanding (MoU) with the Smart Zone Real Estate Company (wholly owned by Saudi Telecom Co. stc)

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|Introduction|| A reference to the announcement of Dur Hospitality Co. on Tadawul website on 22/03/1444 H corresponding to 18/10/2022 that it had signed a non-binding Memorandum of Understanding with the Smart Zone Real Estate Company (wholly owned by Saudi Telecom Co. stc) with the aim of developing a hotel project that will be constructed within the stc Square project in Riyadh, and with reference to Dur Hospitality Co.’s announcement of the latest developments of the same matter, which was published on the Tadawul website on 07/07/1444 H corresponding to 29/01/2023.

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Dur Hospitality Co. announces that on 19/10/1444 H corresponding to 09/05/2023 the signing of the final partnership agreement between Dur Hospitality Company and the Smart Zone Real Estate Company (wholly owned by the Saudi Telecom Co. stc) has been concluded, which state the establishment of a special purpose company owned (84%) by Dur Hospitality Co. and (16%) by Smart Zone Real Estate Company, with an initial capital of twenty-five thousand (25,000) Saudi Riyals. The new company will lease the plot of land with an area of (3,343) square meters owned by the Smart Zone Real Estate Company and located within the mixed-use stc Square project with the aim of building