Dur Hospitality signs MoU with stc’s “Smart Zone Real Estate Company”
Dur Hospitality has announced the signing of a non-binding Memorandum of Understanding with “Smart Zone Real Estate Company”, a wholly owned subsidiary of Saudi Telecom Company (stc). The MoU aims to construct an innovative hotel in Riyadh’s stc Square project, developed by stc’s real estate development arm, AQALAT.
In accordance with the Memorandum of Understanding, Dur will carry out the necessary studies to establish a limited liability company (the project) through a joint venture with “Smart Zone Real Estate Company”, with 80% to 90% of the shares held by Dur Hospitality and 10% to 20% owned by Smart Zone Real Estate Company. Once launched, the project will lease 3,343 square meters of land within stc Square Project from Smart Zone Real Estate Company to develop and operate a fully-fledged hotel project. The first of its kind in the Kingdom, the hotel will offer state-of-the-art quality hospitality services in line with the highest international standards, and will adopt state-of-the-art artificial intelligence technologies. At the end of the studies, the capital of the JV and the development costs of the project will be decided and the agreement will be signed.
At this, the CEO of Dur Hospitality, Mr. Sultan Al-Otaibi, expressed his pleasure to sign the MoU with “Smart Zone Real Estate Company“, as Dur thrives in the construction and development of a hotel. incorporating the latest technologies. He added that this serves Dur’s strategic expansion roadmap and strengthens its market-leading position in the Kingdom’s hospitality sector. Committed to delivering an unforgettable hotel experience, Dur aims to keep pace with the growth of the tourism and hospitality industries and increase efficiency through digital transformation by promoting state-of-the-art hotel products and redefining guest services. of all segments. Al-Otaibi viewed the project as a leap forward in the hospitality industry in the Kingdom and the region that will bring the best AI and automation experiences, providing guests with a distinctive stay while diversifying the sources of revenues and strengthening the tourism sector, a central pillar of Saudi Vision 2030.
In turn, the CEO of AQALAT, Mr. Feras Albanyan, said that the hotel project is considered a crucial part of the stc Square project, which will be the first innovative mixed-use project, offering smart solutions and products to the business, retail and entertainment sectors. He also expressed his satisfaction at the prospect of partnering with Dur, which is recognized for its extensive track record in developing and operating a large portfolio of hotels across the Kingdom of Saudi Arabia. Albanyan added that the project is seen as one of the smart solutions planned by stc subsidiaries which highlights stc’s strenuous efforts to provide the best smart city services and solutions. stc also strives to meet the highest global smart city standards by keeping abreast of global technological advances in real estate development and implementing them within the Kingdom of Saudi Arabia.