Riyadh – Mubasher: Al Tayyar Travel Group on Thursday announced signing an agreement with Albilad Capital to establish a real estate investment trust (REIT) hotel development fund.
The REIT, which will be managed by Albilad Capital will include six of Al Tayyar’s properties in Riyadh and Jeddah, the company said in a filing to the Saudi Stock Exchange (Tadawul).
The 24-month deal is effective Thursday, 11 April, Al Tayyar said, noting that the financial impact of the deal will be clear once the final agreement is signed.
Hotels under the REIT fund will include brand names such as Quality, Comfort, among others, the travel group added.
Al Tayyar’s stock closed Thursday up slightly by 0.07% to SAR 27.55.