Kingdom Holding sets up JV to develop tourist resort

24/12/2023 Argaam
Logo ofKingdom Holding Co. (KHC)

Logo of Kingdom Holding Co. (KHC) 


Kingdom Holding Co. (KHC) incorporated a joint venture (JV) named East Shura III Real Estate Co., the company said in a filing to Tadawul.

 

The JV will develop a tourist resort to be operated by Four Seasons hotels and resorts group on Shura Island, Saudi Arabia's west coast.

 

The JV was established through KHC's newly wholly owned subsidiary, Sea Front Co. Ltd and The Red Sea Investment Co. II, which is a subsidiary of Red Sea Global Co. (RSG).

 

The partnership agreement was signed on Dec. 21. In October, RSG entered into a joint venture agreement worth SAR 2 billion with KHC to develop a tourist resort to be operated by the Four Seasons hotels and resorts group, Argaam earlier reported.

 

The project entails forming a JV, 50% of which will be owned by a special purpose entity (SPE) that is wholly owned by KHC, and the remaining 50% by a SPE owned by RSG.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.