KSA Business: Dur, stc in deal to set up innovative AI hotel in Riyadh – Gulf Digital News

KSA Business: Dur, stc in deal to set up innovative AI hotel in Riyadh – Gulf Digital News

Saudi-based Dur Hospitality said it has signed a nonbinding MoU with Smart Zone Real Estate Company, a unit of Saudi Telecom Company (stc) for the development of an innovative hotel within the stc Square project in Riyadh,

A first-of-its-kind project in the kingdom, the hotel will offer state-of-the-art hospitality services, conforming to the highest international standards, and adopt cutting-edge Artificial Intelligence technologies. The project will be 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 through a joint venture with Smart Zone Real Estate Company - where in 80% to 90% of the shares will 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 sq m land within stc Square Project from Smart Zone Real Estate Company to develop and operate the hotel.

Dur said upon the completion of the studies, the JV’s capital and the project development costs will be decided, and the agreement will be signed.

"Dur thrives on constructing and developing a hotel embracing the latest technologies. This serves Dur’s strategic expansion roadmap and enhances its market-leading position in the kingdom’s