Saudi Real Estate Co. (Al-Akaria) announces the singing of Memorandum of Understanding (MOU) with Saudi French Company for Hotels Management (Accor Hotels), dated 17/8/1439 H corresponding to 3/5/2018 AD, for the operation and management of its Hotels on a land area of 10,510 m2, located in Qurtoba district on Sheikh Hassan bin Hussain bin Ali road of Riyadh city. The project will have three Star hotel and Serviced Apartments under brand name of “ibis Styles” and “Novotel Suites” respectively, with (445) keys.

The validity period of the Memorandum of Understanding begins from the date 3.5.2018 till 2.8.2018, where the negotiation on the operating and management agreements which will be announced in due course. There are no related parties.