Dur Hospitality & Smart Zone Real Estate Company sign deal to form JV

By Shilpa Annie Joseph, Official Reporter
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Dur Hospitality and Smart Zone Real Estate Company form JV
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Saudi Arabia’s leading hospitality company, Dur Hospitality has signed a partnership agreement with Smart Zone Real Estate Company, The Project Company, in order to set up a Limited Liability Company to construct and operate an innovative hotel in Riyadh.

As per the agreement, The Project Company will develop and operate the first full-fledged smart hotel in the Kingdom. The Project Company’s capital will be contributed according to the ownership percentage of each party.

Commenting on this milestone, Mr. Feras Albanyan CEO of AQALAT stated that, “We are excited to partner on this project with Dur Hospitality, one of the leading national companies in hotel development and operation in the Kingdom.”

For his part, Dur Hospitality CEO Mr. Sultan Al-Otaibi commented that, “Dur has diligently worked on the studies required to set up The Project Company which will embody Dur’s strategic expansion roadmap and its role in the Saudi hospitality’s digital transformation journey. The hotel will embrace next-generation technologies with ultra-modern digital designs, in line with the top international standards.”

“This JV supports Dur Hospitality’s direction to expand strategic partnerships with leading institutions in the Kingdom to develop top-notch hotels and increase the contribution of the tourism sector to the Kingdom’s GDP, in line with Saudi Vision 2030. Dur is very happy to join hands with Smart Zone Real Estate Company to develop this outstanding project,” Mr. Al-Otaibi further added.

The two parties signed an MoU in October 2022, followed by the preparatory studies for the establishment of The Project Company to develop and operate a state-of-the-art hotel in the Kingdom.

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