Dur to kick off new Marriott hotel in Riyadh: CEO

Dur Hospitality, which manages and operates hotel facilities across Saudi Arabia, plans to kick start a new Marriott hotel at Riyadh's Diplomatic Quarter this year, Chief Executive Officer Badr Al Badr told CNBC Arabia.

The company has 11 other projects under execution and has set plans to expand business in several Saudi cities, he added.

The Saudi-listed firm is a developer and manager of hotel and residential property, mostly in Saudi Arabia. It reported a net income of SAR 18 million in Q1 2018 -- 27.2 percent below the same period in 2017, on lower accommodation revenue and partial shutdowns of property for renovations.

Al-Badr said his company faced increasing general expenses following the liberalization of utility rates in Saudi Arabia and higher staff cost, adding it has adopted plans to raise efficiencies across the business.

The company's real estate investment portfolio has topped SAR 2 billion, the CEO told local media on a separate occasion.