Gulf Hotels Group B.S.C. (BAX:GHG) signed an agreement to acquire Novotel AlDana Hotel and Resort from Al Jazeera Tourism Company B.S.C. for BHD 10million on February 27, 2023. The Gulf Hotels Group B.S.C. has paid BHD 0.5million as of March 31, 2023. The acquisition is subject to completion of legal and regulatory formalities at a date to be mutually agreed between the Gulf Hotels Group B.S.C. and the Al Jazeera Tourism Company B.S.C. SICO BSC (c) (BAX:SICO-C) acted as due diligence provider to Al Jazeera Tourism Company.