Riyadh-Mubasher: Saudi Real Estate Co (Al Akaria) on Thursday signed a memorandum of understanding (MoU) with the Saudi French Company for Hotels Management (Accor Hotels) to manage and operate its under-construction hotel in Riyadh.

Spanning 10,510 square metres, the project includes a three-star hotel with 445 rooms and serviced apartments under the brand name “Ibis Styles” and “Novotel Suites” respectively, the real estate developer said in a statement to the Saudi Stock Exchange (Tadawul).

The MoU's validity period expires on 2 August 2018, the Tadawul-listed company noted, adding that further details on the operation and management agreements will be revealed at a later time.

The cost of the project and its timeframe were not disclosed.

Saudi Real Estate's stock closed Thursday down 0.71% to SAR 22.28.