Banan Real Estate to Develop Hospitality Project in Saudi Arabia

04:40 AM EST, 12/28/2025 (MT Newswires) -- Banan Real Estate (SASE:4324) entered into a memorandum of understanding with Artal Capital and Rakan Al-Tasan to develop a hospitality project in Riyadh, Saudi Arabia. Under the three-month agreement, the Saudi Arabia-listed real estate company will serve as the exclusive developer and marketer of the project, spanning 3,279 square meters in the Al-Rahmaniyah district, according to a Sunday release. The companies established a private real estate investment fund to acquire the land owned by Banan Real Estate's Qimam Noshoz Real Estate Development Co. subsidiary. Artal Capital will manage the fund.