The project is currently in the planning stage.
Saudi-based Dur Hospitality Company has signed an agreement with Smart Zone Real Estate Company, a wholly-owned unit of Saudi Telecom Company (stc). A non-binding MoU has been inked with the Smart Real Estate Company for the hotel project within the stc Square which is being developed by the Client, another subsidiary of stc. The non-binding MoU with the Smart Zone Real Estate has been extended for a period of three months, ending on April 18 with the same terms and conditions. The three-month period extension is for completing the required studies which includes determining the development cost and operational components of the project.
Dur Hospitality Co. signed the final partnership agreement with Smart Zone Real Estate Co., wholly owned by STC, to set up a special purpose company. The new company, which will have an initial capital of SAR 25,000, will be 84% owned by Dur and 16% by Smart Zone Real Estate. The special purpose company will lease a 3,343 square meter land plot, owned by Smart Zone Real Estate within this mixed-use stc Square project, to build and operate an integrated hotel in Riyadh equipped with the latest technologies. The project will be financed as per the ownership percentage of each party in the new company’s share capital, provided the financing is carried out according to the project’s requirements, with an amount not exceeding SAR 150 million.
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