Alhokair Group shareholders approve related-party contracts

Shareholders of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) approved various business and contracts concluded with other companies, during the ordinary general meeting (OGM) held on June 27.

The company said in a bourse statement that the value of the transactions amounted to SAR 68 million in 2020. The agreements represent direct and indirect interests for board members, namely Musaed Al-Hokair, Majed Al-Hokair, and Sami Al-Hokair.

These include lease contracts for Andalusia Hotel worth SAR 864,708; Golden Tulip Al Nasiriya Hotel worth SAR 2.17 million; Tulip Inn Al Khobar Hotel worth SAR 2.53 million; Holiday Inn Al Khobar Hotel worth SAR 2.86 million; and Red Sea Palace Hotel Jeddah worth SAR 3.57 million.

In addition, shareholders also approved the contract with Tabuk Company for Commercial and Entertainment Projects for Tabuk Commercial Center worth SAR 2.5 million.

The company signed three contracts with Abdulmohsen Alhokair and Sons Holding Co. for Tulip Inn Taif Hotel, Suite Novotel Riyadh, and Riyadh University Sales Exhibition for a total of SAR 1.6 million.

The OGM approved contracts for staff housing of Holiday Inn Al Khobar for SAR 65,790; SAR 2.96 million lease contract for Novotel Dammam Business Park hotel; SAR 303, 381 worth deal for supply of plastic materials; SAR 1.78 million lease contract for Park Inn Dammam; and SAR 709, 670 lease contract for Sahara Al Khobar Complex.

Four contracts were signed with Abdulmohsen Abdulaziz Al-Hokair Holding Group, which include management and operation of Al Hokair Time Center in Al Rabwah (SAR 4.5 million); rental contract for a staff housing building of the Radisson Blu Hotel Jazan (SAR 600,000); staff housing for Hilton Double Tree Dhahran Hotel (SAR 585,000); and staff housing for Hilton Double Tree Hotel in Riyadh (SAR 900,000).

The firm also signed several other contracts that were approved by shareholders during the meeting.