BAAN Holding Group Co. — Capital/Financing Update 2016

Nov 21, 2016

Abdulmohsen Al Hokair Group for Tourism and Development Company announces the latest update on projects under development for Hotels Division

1820 · 21/11/2016 08:41:15 · Announcement #44595 · View on Saudi Exchange

Abdulmohsen Al Hokair Group for Tourism and Development Company announces the latest update on projects under development for Hotels Division

Abdulmohsen Al Hokair Group for Tourism and Development Company announces the latest update on projects under development for Hotels Division

With Reference to the ongoing projects for Hotels division which were announced on Tadawul on 14/02/2016 and 03/05/2016, Al Hokair Group is pleased to announce the following:

1- Park Inn Hotel by Radisson - Jubail: The hotel project has already been delivered to the contractor and the construction works are ongoing, with approximately 40% completion at this stage. It is expected that the project will be delivered by the contractor in order to complete the operational requirements by the second half of 2017. It is also worth mentioning that the hotel consists of (160) rooms & suites of various sizes (4-star category) in addition to the main restaurant and ample parking. The financial impact of the project will be in the first half of 2018.

2- Radisson Blu Hotel Al Khobar: The hotel project has been handed over to the contractor and construction works are ongoing. The hotel consists of (150) hotel rooms of (4) stars category in addition to multipurpose lounge, health club and swimming pool. The Hotel is expected to have the soft opening plus financial impact in the fourth quarter of 2018.

Any future developments will be announced in due time. Noting that the above mentioned projects are not with a related party.

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