BAAN Holding Group Co. — Capital/Financing Update 2016

May 3, 2016

Abdulmohsen Al Hokair Group for Tourism and Development Company Announces that it has signed a management and operation agreement for a new Hotel Property in the city of Al Khobar with Radisson Blu

1820 · 03/05/2016 16:23:09 · Announcement #42559 · View on Saudi Exchange

Abdulmohsen Al Hokair Group for Tourism and Development Company Announces that it has signed a management and operation agreement for a new Hotel Property in the city of Al Khobar with Radisson Blu

Abdulmohsen Al Hokair Group is pleased to announce to its respectable shareholders that a management and operation agreement has been signed for a New Hotel Property (under construction) in the city of Al Khobar-Al Rakah with Radisson Blu. Construction works of the Hotel have already been launched within the frame of a development and leasing agreement between Abdulmohsen Al Hokair Group and M/s. Mazen Al Saeed Holding. The hotel building will be completely developed by the Owner of the property, M/s. Mazen Al Seed Holding which includes (150) hotel rooms, multipurpose hall and a health club. Also the agreement includes a rental contract to lease the Hotel to Abdulmohsen Al Hokair Group for period of (17) years which will come to effect from the date of receipt of the hotel building. Hotels operation is expected by the last quarter of the year 2018. Noting that this contract is not with a related party.

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