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Shams Signs Riyadh Hotel Lease
Al-Mashru'at Al-Siyahiya "Shams" company has signed a lease investment agreement with Nayyib Al-Malaqa Hotel Company to operate a full hotel consisting of 17 floors in the Al-Sahafa neighborhood of Riyadh, for a period of 10 years at a value of 31.1 million SAR. The agreement includes all the hotel’s equipment. Actual operation is scheduled to begin on January 1, 2027, with a grace period from October 15 to December 31, 2026. A positive financial impact is expected to be reflected on the company's results starting from the first quarter of 2027. This move is part of "Shams"’s strategy to diversify income sources and expand in the hospitality sector, in line with Saudi Arabia’s Vision 2030 for the tourism industry.
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