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Shams to lease Riyadh hotel for 31.1M Riyals
Shams, a company specialized in tourism projects, announced the signing of a leasing investment contract with a total value of 31.1 million riyals to rent and operate a 17-floor hotel in the Al Saha district of Riyadh. The contract is for a period of 10 years, starting from January 1, 2027. The purpose of the contract is to support the company's strategy of expanding into the hospitality sector and diversifying income sources, with an expected positive financial impact on its results beginning in the first quarter of 2027. The expansion aims to build a distinctive hotel brand aligned with Saudi Arabia’s Vision 2030 for tourism. The lease agreement includes a rent-free period from October 15, 2026, until the end of that year, with annual rent increases—from 2.8 million riyals in the first two years to 3.3 million riyals in later years.
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