Dur announces extension of MoU with company owned by stc to develop hotel project

Dur Hospitality Co. announced on Sunday an extension of the period of the non-binding memorandum of understanding with the Smart Zone Real Estate Company (wholly owned by stc) for a period of three months, ending on 18/04/2023 with the same terms and conditions, in accordance with the agreement signed between the two parties. To complete the required studies, as this required time to determine the development cost and operational components of the project.

The Company said on the Tadawul website that any significant developments would be announced in due course.

This comes in reference to the announcement of Dur Hospitality Co. on Tadawul website on 18/10/2022 that it had signed a non-binding memorandum of understanding (MoU) with the Smart Real Estate Company (wholly owned by stc) with the aim of developing a hotel project that will be built within the stc Square project in Riyadh, which is being developed by Aqalat Company Ltd (wholly owned by stc.(