-+ 0.00%
-+ 0.00%
-+ 0.00%

Shams Signs First Hotel Lease Under New Hospitality Expansion Strategy

MT Newswires·10/18/2026 03:30:21
Listen to the news
03:30 AM EDT, 10/18/2026 (MT Newswires) -- Tourism Enterprise Co. (SASE:4170), d/b/a Shams, signed a 10-year lease investment contract worth 31.1 million Saudi riyals with Nokhbat Al-Malqa Hotel Co. for its first hotel project in Riyadh, Saudi Arabia. The Saudi Arabia-listed hospitality company will lease and operate the 17-story hotel in Riyadh's Al-Sahafa district, according to a Sunday release. The move aligns with Shams' new strategy to create a hotel brand and diversify its sources of income.