Al Kathiri unit signs SAR 143 mln deal with Asir Municipality

Saraya AlDiyar Investment, a subsidiary of Al Kathiri Holding Co., signed a SAR 143.1 million lease agreement with the Asir Region Municipality for a 50-year mixed-use project in Abha’s Land of Fog area, the company said.

The 53,000-square-metre development will feature a four-star hotel with 180 rooms and retail and entertainment facilities.

The contract was signed by Al Kathiri CEO Meshal Al Kathiri and Aseer Municipality’s Nawaf Al Buqami.

The company said the deal supports its strategy to diversify investments in line with Saudi Vision 2030.