Kuwait-Mubasher: Munshaat Real Estate Projects said it has secured permits to start operating the five-star Hotel Pullman Zamzam Madina in Saudi Arabia, according to a bourse statement.

Munshaat, which is listed on Kuwait Stock Exchange, said that the financial impact will be determined after the hotel starts operating, and will be registered in the financials of 2016.

The stock of the Kuwaiti company rose 2.08% to reach 49 fils during Sunday’s trading session.