Saudi-based Taiba Investments Company has announced that one of its key subsidiaries, Smart Hotel Zone Company, had signed a construction contract with Al Saad Contracting Company for a key hotel project within the STC Square mixed-use development in Riyadh.
The project comprises a 159-key hotel featuring a rooftop swimming pool and a fitness club, said Taiba Investments Company in its filing to Saudi bourse Tadawul. It is set for completion within two years.
As per the SAR181.5 million ($49 million) deal, Al Saad Contracting will be responsible for execution of construction works for a Marriott-branded hotel at the STC Square complex.
The hotel will adopt a contemporary design and incorporate advanced technological solutions in guest rooms as well as in hotel management and operations. It will also include meeting rooms and a range of restaurants, it stated in the bourse filing.
The financial impact of the project is expected to be reflected after completion and readiness for operation, which is anticipated in the first quarter of 2028, it added.-TradeArabia News Service
