RIYADH: Saudi Arabia’s Taiba Investments has struck an initial agreement to acquire two hotels in the Kingdom from Shuaa for SR328 million ($87 million).
The proposed deal covers the Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah, the company said in a Saudi stock exchange filing on Thursday.
The plan is “in line with the Taiba’s strategic direction to focus on real estate investment and development and as part of its efforts to avail of attractive real estate investment opportunities in various cities of the Kingdom,” it said in the statement.
Hotel operators across the region are emerging from their worst ever year as the pandemic forced them to close their doors and lay off staff. Now the industry is recovering as occupancy improves and leisure travel resumes.
Taiba said it would finance the buyout transaction through loan finance.
Taiba to acquire Rotana Centro hotels in Riyadh and Jeddah from Shuaa for $87m
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Taiba to acquire Rotana Centro hotels in Riyadh and Jeddah from Shuaa for $87m
- The proposed deal covers the Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah
Operational challenges bring Riyadh Airport to a near standstill
- Airlines issue statements, while sources tell Arab News rain is to blame
RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.
Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.
A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.
The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”
The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.
Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers.
It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”
Arab News reached out to Saudia for further information.
Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”
