Jadwa to merge two properties and develop new hotel tower

The two properties have a total land area of 261 square metres

  
An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

REUTERS/Faisal Al Nasser

Riyadh – Mubasher: Jadwa Investment Company announced the merger of the two property title deeds related to Tharawat Wadi Ibrahim Hotel and the restaurant building to develop a hotel tower.

The merged title deed has a total land area of 261 square metres, according to a disclosure by Jadwa REIT Al Haramain Fund to Tadawul.

The two old buildings have been demolished and the development of the tower has commenced. The establishment is expected to be completed before the holy month of Ramadan in 2022.

The architectural designs of the hotel tower were approved and building permits have been obtained.

Jadwa said the financial impact is expected to be positive and will reflect on the income statements of the second quarter (Q2) of 2022.

Last month, Jadwa launched its Real Estate Investment Fund (REIF) in partnership with Tatweer Holding Group, Riyad Bank, and Bank Albilad.

Source: Mubasher

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