28-05-2025
Al Kathiri unit inks SAR 143.1M lease deal to build hotel
Al Kathiri Holding 's subsidiary, Saraya Al Diyar Investment Co., signed a long-term lease agreement with the Aseer Municipality on May 27 to build and operate a mixed-use hotel and commercial complex in Abha. The project will span a total area of 53,000 square meters.
Saraya Al Diyar will establish a four-star hotel with 180 keys, in addition to retail and entertainment facilities, Al Kathiri said in a statement to Tadawul.
The lease is valid for 50 years at a total value of SAR 143.1 million. It will be effective from the date on which the company received the allocated land plot from Aseer Municipality (June 25, 2025 – Dec. 28, 2075).
The new agreement aligns with Al Kathiri's strategy that aims to diversify the company's investment portfolio and expand into promising, viable, strategic sectors in line with Vision 2030, the statement added.
