Dur Hospitality renews MoU with Smart Zone Real Estate for 3 months

Dur Hospitality Co.'s building

Dur Hospitality Co. renewed a non-binding memorandum of understanding (MoU) with Smart Zone Real Estate Co., a wholly-owned subsidiary of stc, to develop a hotel within stc Square project in Riyadh.

The MoU was renewed for three months ending April 18, 2023, Dur said in a filing to Tadawul. The renewal was on the same terms and conditions, in accordance with the agreement signed between the two parties.

It added that the renewal aims to complete the required studies, as they required time to determine the development cost and operational components of the project.

In October 2022, Dur signed a non-binding MoU with Smart Zone Real Estate 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 data available with Argaam.