Construction & Real Estate

Dur to build new hotel at prime stc development in Riyadh

Saudi-based Dur Hospitality Company said it has signed an agreement with Smart Zone Real Estate Company, a wholly-owned unit of Saudi Telecom Company (stc), to set up a hotel project within the stc Square development in capital Riyadh.
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 Aqalat Company, another subsidiary of stc, said Dur Hospitality Company in its filing to the Saudi bourse Tadawul.
Dur said 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, in accordance with the agreement signed between the two parties.
The three-month period extension is for completing the required studies which includes determining the development cost and operational components of the project.-TradeArabia News Service