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 stars 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 one trillion Riyals, 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.