Dur Hospitality CEO says merger with Taiba to provide products compatible with future tourism

Dur Hospitality CEO, Sultan Al-Otaibi

The merger of Dur Hospitality Co. and Taiba Investments Co. will enhance the development and investment position of both parties and unify the capabilities to provide products that are compatible with the promising future of the tourism sector, Al-Arabiya TV reported, citing Dur Hospitality CEO, Sultan Al-Otaibi.

The proposed merger came as a result of the economic transformation that the Kingdom is witnessing, especially in the tourism sector, which is the most important pillar of Vision 2030, Al-Otaibi said.

He further added that Dur is always looking for opportunities that intersect with its investment orientation to serve the future and aspirations of the next stage.

Domestic tourism witnessed a significant improvement, especially in the central and southern regions.

Al-Otaibi indicated that the announcements about the Saudi Seasons during the last period proved to be a large positive vision for the sector.

The CEO expects that the positive impact of these seasons to show in Q4 2021, which will create an economic recovery and will positively affect accommodation.

According to data compiled by Argaam, Taiba and Dur Hospitality recently started preliminary discussions to study a possible merger.

Dur develops, owns and manages hotels, restaurants, recreational centers and travel agencies. The company provides services to Umrah performers, in addition to developing residential, hotel and commercial buildings. It holds a capital of SAR 1 billion.

Taiba is active in the field of real estate, architectural and electrical contracting, maintenance and operation, agricultural, industrial, and mining activities. It holds a capital of SAR 1.604 billion.

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