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Riyadh, Saudi Arabia
Tourism Projects Company (Shams), listed in the Saudi market, announced the launch of its first hotel projects in Riyadh, by signing a lease investment contract with Elite Mallacca Hotel, under which it rents a 17-storey hotel in Riyadh (Al-Sahafa neighborhood), and operates it, according to a statement by the company on Tadawul.
The company explained that the total value of the contract is 31.1 million riyals, including the value-added tax, for a period of ten years, with a gradual increase in the annual rental value, as the value of the annual rent is 2.8 million riyals for the first and second years, then 3 million riyals from the third to fifth rental year, and then 3.3 million riyals from the sixth rental year until the end of the contract period.
She stated that the period starts from January 1, 2027 with a grace period starting from October 15, 2026 and ending on December 31, 2026, indicating that it is operating within its hotel activity as of the date of signing the contract.
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