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Taiba Investments Company has signed a non-binding memorandum of understanding (MoU) with Osoul Integrated Real Estate Co., a subsidiary of the state-backed General Organization for Social Insurance (GOSI), to redevelop and operate three hotels in Madinah.
Osoul Integrated will own the hotels, which will be developed through a special-purpose vehicle (SPV), the capital of which will be determined later, Taiba said in a statement to the Saudi stock exchange.
The MoU aims to redevelop three hotels in the north of Madinah, totaling 1,500 keys, targeting pilgrims and visitors from around the world.
The move aligns with Tabia’s strategy to expand in the hospitality sector and support tourism growth in line with Saudi Vision 2030, the statement added.
(Editing by Anoop Menon)
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