Dur Hospitality Co., a UAE hospitality firm, has signed a deal with telecommunications firm Saudi Telecom Co. (stc)'s fully-owned unit, Smart Zone Real Estate, to build an innovative hotel in Riyadh.
Under the deal, the integrated and unique hospitality project will come up on a 3,343 square meter area within the stc Square project in the Saudi capital and is set to offer quality services using artificial intelligence and others.
Moreso, the new project will be evenly funded based on the ownership percentage of each party in the share capital of a newly formed company, with a maximum amount of 150 million Saudi riyals ($40 million).
Additionally, the transaction is in line with Dur Hospitality's strategic expansion policy aimed at cementing its leading position in the Saudi hospitality sector through the provision of modern and innovative hospitality products.