Dur Hospitality has signed a 40-year an agreement for leasing 76,000 sqm land in Yanbu with the Royal Commission for Jubail and Yanbu (RCJY).
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Dur hospitality intends to invest the leased land in establishing a three-star hotel in Yanbu.
This move 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 percent of the industrial investments of the Gulf Cooperation Council (GCC) and produces about 10 percent of the global petrochemical output, thus contributing to 12 percent of the gross national product of the Kingdom.
This project is expected to take about three years once the architectural design is complete and will be reflected on the company's financial statement in the third quarter of 2018. Dur Hospitality stated that the project will be self-financed along with banking facilitations.