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Dur Hospitality Co. has signed a memorandum of understanding (MoU) with Smart Zone Real Estate Company, a Saudi Telecom Company (STC) wholly-owned subsidiary, to build a hotel within the "stc Square" project in Riyadh, the company said in a statement published on the Saudi stock exchange.
The Saudi hospitality firm will undertake a study to establish a special purpose company that will lease the 3,343 square metre land plot, owned by Smart Zone, to build and operate a hotel.
The new company will be owned 80-90 percent by Dur and rest by Smart Zone.
The development cost for the project and the proposed company's capital will be determined after completing the required studies, the statement noted.
Aqalat Company, wholly owned by STC, is developing the "stc Square" mixed-use project in Riyadh.
(Writing by D Madhura; Editing by Anoop Menon)
