Dur signs final partnership pact with Smart Zone Real Estate

Logo of Dur Hospitality Co.

Dur Hospitality Co. signed today, May 9, the final partnership agreement with Smart Zone Real Estate Co., wholly owned by stc, to set up a special purpose company.

 
The new company, which will have an initial capital of SAR 25,000, will be 84% owned by Dur and 16% by Smart Zone Real Estate, Dur said in a statement to Tadawul.
 
The special purpose company will lease a 3,343 square meter land plot, owned by Smart Zone Real Estate within the mixed-use stc Square project, to build and operate an integrated hotel in Riyadh equipped with the latest technologies.
 
The project will be financed as per the ownership percentage of each party in the new company’s share capital, provided the financing is carried out according to the project’s requirements, with an amount not exceeding SAR 150 million.
 
Last October, Dur signed a non-binding memorandum of understanding (MoU) with Smart Zone Real Estate Co. to develop a hotel within stc Square project in Riyadh.
 
The stc Square project is being developed by stc’s wholly-owned subsidiary, Aqalat Company Ltd., according to Argaam’s data.

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