Saudi Arabia’s Dur inks final partnership deal to build hotel in Riyadh

Saudi Arabia’s Dur inks final partnership deal to build hotel in Riyadh

Saudi Arabia’s Dur Hospitality Company has inked a final partnership agreement with Smart Zone Real Estate Company, wholly owned by Saudi Telecom Company (STC), to set up a special-purpose vehicle to build a hotel in Riyadh.

The new company, 84 percent owned by Dur and 16 percent by Smart Zone Real Estate, will have an initial capital 25,000 Saudi riyals ($6665.69), Dur said in a statement to the Saudi stock exchange.

The new firm will lease a 3,343 square metre land plot to build and operate an integrated hotel within the mixed-use STC Square project in the Saudi capital.

The project details or cost has not been disclosed yet.

Dur and Smart Zone Real Estate signed an agreement in October 2022.

Aqalat Company, wholly owned by STC, is developing the “stc Square” mixed-use project in Riyadh.

(Writing by P Deol; Editing by Anoop Menon)

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