Banan wins contract to develop Riyadh hotel project

Summary:

Banan Real Estate Company has secured a SAR55 million ($14.5 million) contract with Afaq Al Qimma Al Rabiaa Al Mutatawera Company to develop a hotel in Riyadh's Al Rahmaniya neighborhood. The hotel will be built on a 3,284m plot owned by Artal Fourth Real Estate Fund and is expected to be completed in two years. Banan will also handle marketing for the project. Banan’s subsidiary, Qimam Noshoz, holds a 38.2% stake in the fund, while Banan directly owns 10.2%.