“Knowledge City” signs an agreement to establish a company specialized in managing and operating hotels
Yesterday, Knowledge Economic City Company signed a partnership agreement with Archipelago International Company to establish a new company specialized in managing and operating hotels.
According to the company’s statement on the website "Saudi Arabia trading"The partnership agreement between the Knowledge Economic City and Archipelago International Company regulates them as two partners to serve the main goal of the new joint company, which is owned equally between them, which is to manage and operate some hotels in the Knowledge Economic City.
The new company may participate in other related activities within the Kingdom 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 specified in its articles of incorporation.
It expected that the financial impact on the Knowledge Economic City Company would be reflected through Its share of operating revenue profits resulting from the target company’s activity. The exact value and timing of this impact will be determined after the company is established and begins its operations.
She explained that Archipelago International was established in 1997 and is the largest private hotel management group in Southeast Asia, managing more than 45,000 rooms and residential units in more than 200 locations throughout Southeast Asia, Latin America, the Caribbean, the Middle East, Australia and New Zealand. It is a hotel company with a proven track record with brands including Aston, Alana, Huxley, Camuela, Avanica and Harper. It is currently expanding into other markets around the world such as Australia, the Middle East, and South America.
Through this partnership, the Knowledge Economic City Company aims to build self-capabilities in the field of managing and operating hotels and hospitality facilities and build a new and distinct hotel brand to ensure the quality and sustainability of its multiple projects in the field of hospitality.
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