Dur Hospitality signs MoU with stc’s “Smart Zone Real Estate Company”

Dur Hospitality signs MoU with stc’s “Smart Zone Real Estate Company”

Dur Hospitality has announced the signing of a nonbinding memorandum of understanding (MoU) with “Smart Zone Real Estate Company,” a wholly-owned subsidiary of Saudi Telecom Company (stc). The MoU aims to construct an innovative hotel in Riyadh’s stc Square project, developed by stc’s real estate development arm AQALAT.

As per the MoU, Dur will conduct the necessary studies to set up a limited liability company (The Project) through a joint venture with “Smart Zone Real Estate Company,” with 80% to 90% of shares to be owned by Dur Hospitality and 10% to 20% owned by Smart Zone Real Estate Company. Once launched, the project will lease a 3,343-square-meter land within stc Square Project from Smart Zone Real Estate Company to develop and operate a full-fledged hotel project. The first-of-its-kind in the Kingdom, the hotel will offer state-of-the-art quality hospitality services, conforming to the highest international standards, and adopt cutting-edge Artificial Intelligence technologies. Upon the completion of the studies, the JV’s capital and the project development costs will be decided, and the agreement will be signed.

To this, Dur Hospitality CEO Mr. Sultan Al-Otaibi expressed his pleasure in signing the MoU with “Smart Zone Real Estate Company,” as Dur thrives on constructing and