Banan Wins SAR 54.9M Hotel Contract in Riyadh's Al Rahmaniyah

Banan Real Estate Co. signed a SAR 54.95 million contract to develop a hotel building in Riyadh's Al Rahmaniyah district, the company said in a filing to the Saudi Exchange. Banan will act as the project's developer and marketer.

The counterparty is Fourth Advanced Summit Horizons Co., a subsidiary of Afaq Al Qimma Al Rabiaa Al Mutatawera. The filing did not disclose the hotel's size, the expected completion date, or when revenue from the contract would be recognized.

Al Rahmaniyah is a district in northern Riyadh that has seen a wave of new residential and commercial projects tied to the city's expansion. Saudi Arabia is investing heavily in tourism infrastructure under the Vision 2030 plan, with hotel development a focus ahead of the kingdom's bid to host the 2030 World Expo.

The contract adds to Banan's pipeline of hospitality projects. The company, listed on the Saudi Exchange, mainly develops and manages residential and commercial real estate. Banan did not provide additional details beyond the filing.