DUR Hospitality announced the signing of a 40 years land lease agreement of 7, 600 square meters in Yanbu, with the Royal Commission for Jubail and Yanbu. Dur Hospitality intends to invest the leased land in establishing a 3-star hotel in Yanbu. This step comes in line with the company's strategy to develop hotels in emerging cities across Saudi Arabia, such as Jubail and Yanbu, which are increasingly attracting investments in residential, commercial and touristic projects. The investments in the cities of the Royal Commission reached SR1 trillion, and acquired 65% of the Industrial investments of the Gulf Cooperation Council (GCC) and produces about 10% of the global petrochemical output, thus contributing to 12% of the gross national product of the Kingdom. This project is expected to take about three years once the architectural design is complete, and it will be reflected on the company's financial statement in the third quarter of 2018.
Dur Hospitality also announced the project will be self-financed along with banking facilitations. Dur Hospitality (formerly Saudi Hotels and Resorts Co.) has been publicly listed and trading on the Saudi stock market since 1976. Dur Hospitality owns develops and manages a broad range of tourism and residential properties across the Kingdom. In 2014, Dur announced it will invest SR1.5 billion in developing hotels and luxury residential complexes to achieve a planned portfolio of 20 hotels and 6 residential properties in KSA by 2023. Dur Hospitality sets an exemplar for successful hospitality development through presenting genuine hospitality services to become the perfect partner to any local, regional or international party. This concept was reflected through its partnership with Marriott International & Intercontinental Hotels Group. Dur Hospitality has also contributed to the development of specialized hospitality in the Holy cities of Makkah and Madinah through Makarem, its 10-year-old operational brand that re-launched its new brand identity and announced operating 10 new hotels in the coming 5 years. — SG
