LONDON: Hilton has signed a deal to operate four hotels at a $3.4 billion mixed-used project in Riyadh, it emerged on Tuesday.
The US hospitality giant signed a deal with the Saudi-Kuwaiti Shomoul Holding Company to develop and operate the hotels at The Avenues — Riyadh mixed-use development.
The hotels comprise the Waldorf Astoria, Conrad and Hilton Garden Inn brands, as well as the Middle East’s first Canopy by Hilton hotel, the parties said in a statement.
The four hotels will have a total of 1,400 rooms between them, according to the statement.
“The Avenues — Riyadh is an incredible opportunity for Hilton to bring four of our industry-leading brands to one development project for the very first time,” said Chris Nassetta, president and CEO of Hilton. “We look forward to doing our part to contribute to the Kingdom of Saudi Arabia’s vision for tourism.”
The Avenues project, valued at $3.4 billion, will be one of the world’s largest malls, with more than 1,300 stores, and five towers consisting of hotels, conference halls, apartments, offices and medical facilities. The project, due for completion in 2023, is set to create approximately 40,000 jobs.
Hilton inks deal to run four hotels at Riyadh project
Hilton inks deal to run four hotels at Riyadh project
- The US hospitality giant signed a deal with the Saudi-Kuwaiti Shomoul Holding Company to develop and operate the hotels at The Avenue
- The hotels comprise the Waldorf Astoria, Conrad and Hilton Garden Inn brands, as well as the Middle East’s first Canopy by Hilton hotel
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
