Riyad REIT Fund — Capital/Financing Update 2020

Feb 5, 2020

Riyad Capital announces the occurrence of an event in Riyad REIT - Signing a hotel management agreement with Marriot International to operate Burj Rafal Hotel

4330 · 05/02/2020 08:08:38 · Announcement #57471 · View on Saudi Exchange

Riyad Capital announces the occurrence of an event in Riyad REIT - Signing a hotel management agreement with Marriot International to operate Burj Rafal Hotel

4330

RIYAD REIT

-2.71 %

1441/06/11     05/02/2020 08:08:38

Element List

Explanation

Description of the Event

Riyad Capital -the fund manager- announces signing an agreement between Riyad REIT and Marriott International to operate its Burj Rafal Hotel in Riyadh under the name JW Marriot Riyadh. The operation of the hotel will be handed over to Marriott in Q1 2020. The hotel will undergo an improvement plan which includes the introduction of new dining concepts such as Kahwet Al Mandaloun and JW Grill. Following the renovation period, which is expected to be completed this year, the property will be rebranded as -a JW Marriott Hotel Riyadh- marking the debut of the brand in Saudi Arabia.

Working with JW Marriott to operate the asset a luxury brand of one of the largest hotel operators will deliver an unprecedented level of service and accommodation in Riyadh given the hotels diversified amenities and location. The hotel will represent the hospitality element within the master plan of the future project -Capital Gate- that will be developed through Riyad Capital The fund manager of Riyad REIT. -Capital Gate- will offer more than 100,000 square meters of office, retail, and entertainment space that will be connected to the Hotel offering a true mixed use atmosphere. The Impact Caused by the Event It is expected that this will have a positive impact on the Fund results.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.