“Knowledge City”: An agreement to establish a short-term rental company for residential units
Today, Knowledge Economic City Company signed a partnership agreement with Maison Privee Company.
The company said in a statement on its website: "Saudi Arabia trading"The agreement is for Vacation Home Rental Limited to establish a new company specializing in short-term rental of residential units and providing distinguished hospitality and short-stay management services for residential properties within Knowledge Economic City and Medina, targeting businessmen, visitors and pilgrims.
According to the statement, the partnership agreement between Knowledge Economic City and Maison Privé Vacation Home Rental Limited regulates the relationship between them as partners in the new company to serve the main goal of the new joint company, which is to develop and operate a platform for managing short-term rentals in Medina, and leasing Furnished residential units for guests from external parties, and providing an integrated package of hospitality services and guest experience, including cleaning services, reception services, food services, health club services, transportation, travel coordination, and event support.
According to the statement, the new company may participate in other related activities within Medina in accordance with what the two partners agree upon.
It noted that the duration of the new company targeted by the partnership agreement will be determined in its articles of incorporation.
The financial impact will be reflected Knowledge Economic City Company through its share of operating income profits generated from short-term rental of vacation homes. The exact value and timing of this impact will be determined after the company is established and begins operations.
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