Dur signs MoU with Smart Zone Real Estate owned by stc

Dur Hospitality Co. Announces the Signing of a Memorandum of Understanding (MoU) with the Smart Zone Real Estate Company (wholly owned by stc). Dur Hospitality Company to complete the studies required to establish a special purpose company owned by (80% to 90%) of Dur Hospitality and (20% to 10%) of the Smart Zone Real Estate Company to rent the (3,343) square meter plot of land owned by the Smart Zone Company For the property located within the mixed-use stc Square project with the aim of building and operating a hotel project. The proposed company’s capital and development cost for the project will be determined after completing the required studies.

The signing of this memorandum comes in line with Dur Hospitality’s strategic expansion policy by strengthening the company’s leading position in the hospitality sector in the Kingdom by providing distinctive hotel products that serve the objectives of the Kingdom’s Vision 2030, to make the Kingdom one of the most prominent global tourist destinations.

Through this company, Dur will develop an integrated and unique hotel in the Kingdom, equipped with the latest technologies, within the campus of the pioneering stc Square project in Riyadh.

Any significant developments will be announced in due course. The financial impact will be determined after signing the partnership agreement between the two parties and determining the cost of development.