Riyadh – Mubasher: Taiba Investments Company has signed a contract with Hilton Worldwide Holdings Inc to run and operate a new hotel in Jeddah under the DoubleTree Hilton brand.

Under the contract, Hilton will operate the 250-room and 200-apartment hotel that Taiba Investments will establish in Jeddah, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

The Saudi company announced that the 15-year contract does not have a certain value, as a hotel operator will receive a percentage of returns and profits for managing it.

The company referred that the financial impact will be registered in the financial statements of the fourth quarter of 2024 once the hotel official starts operating.