Banan Real Estate Wins SAR55 Million Hotel Development Project in Saudi Arabia

Banan Real Estate (SASE:4324) entered into a development contract worth 54.9 million Saudi riyals with Afaq Al Qimma Al Rabia Advanced Co. Under the two-year agreement, the property group will develop and market an Al-Rahmaniyah-based hotel project that spans 3,284 meters in Riyadh, Saudi Arabia, according to a Sunday release. The company added that the hotel will be owned by the Artal Fourth Real Estate Fund, in which Banan owns a 10.2% stake.