Saudi Knowledge Economic City’s sub inks 20-year deal with Hilton

The agreement involves engineering consultations during the design and execution period through the Hilton’s DoubleTree hotel brand

  
Image used for illustrative purpose. Aerial view of cityscape at night, Riyadh, Saudi Arabia.

Image used for illustrative purpose. Aerial view of cityscape at night, Riyadh, Saudi Arabia.

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Riyadh – Mubasher:Knowledge Economic City announced that its subsidiary, Al Gharra International for Real Estate Development, has signed an agreement with Hilton to operate a new hotel project.

The agreement involves engineering consultations during the design and execution period through the Hilton’s DoubleTree hotel brand.

The 20-year contract’s value depends on the hotel’s revenues, and the financial impact of the deal cannot currently be evaluated, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Knowledge Economic City owns 80% of the real estate development firm.

Source: Mubasher

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