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)
| Element List | Explanation |
|---|---|
| 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.
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 and operating an integrated and unique hotel in the Kingdom equipped with the latest technologies within the ground-breaking stc Square project in Riyadh. The project will be proportionally financed according to the ownership percentage of each party in the share capital of the new company, provided that financing is carried out according to the project’s needs, with an amount not exceeding one hundred and fifty (150) million Saudi Riyals. |
| Previous Announcement | 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 stc) |
| Date of Previous Announcement on Tadawul's Website | 2023-01-29 Corresponding to 1444-07-07 |
| Percentage of fulfilled achievement | N/A |
| Event's Expected Completion Date | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | The signing of the agreement comes in line with the strategic expansion policy of Dur Hospitality Co., which aims to strengthen its leading and distinguished position in the hospitality sector in the Kingdom, by providing modern hotel products to keep pace with the growth of the tourism and hospitality sectors and the digital transformation in the Kingdom. The hotel will introduce features and amenities that take advantage of the developments in the field of artificial intelligence and digitization, and it will provide a distinctive lodging experience to guests, in light of the efforts aimed at diversifying sources of income and strengthening the tourism sector, which is one of the pillars of the Kingdom’s Vision 2030. |
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