Dur Hospitality Company announced that reference to the announcement of the company on October 18, 2022 that it had signed a non-binding memorandum of understanding (MoU) with the Smart Real Estate Company (wholly owned by stc) with the aim of developing a hotel project that will be built within the stc Square project in Riyadh, which is being developed by Aqalat Company Ltd. (wholly owned by stc). Dur Hospitality Co. announced an extension of the period of the non-binding memorandum of understanding with the Smart Zone Real Estate Company for a period of three months, ending on April 18, 2023 with the same terms and conditions, in accordance with the agreement signed between the two parties.

To complete the required studies, as this required time to determine the development cost and operational components of the project.