Riyadh – Mubasher: Seera Holding Group, formerly known as Al Tayyar Travel Group Holding Co, on Thursday announced the annulment of the agreement on the creation of a real estate investment trust (REIT) for the development of middle-income hotels.

The company has directed its attention towards financing the development of hotels through its own resources, along with banking finance, according to a bourse statement.

Seera has signed a long-term financing agreement with Saudi Investment Bank (SAIB), which will generate better returns compared to a REIT, the Tadawul-listed firm added.

Seera Holding Group reported a 40% year-on-year decrease in profits during the first quarter of 2019, recording SAR 49 million.