Saudi Realty, Starwood settle on Riyadh job

© Reuters. A doorman’s hat at Sheraton hotel, a brand of Starwood Hotels & & Resorts Worldwide, is envisioned in Warsaw

DUBAI (Reuters) – Saudi Realty Co (SE:-RRB- has actually agreed with U.S. firm Starwood Hotels and Resorts (N:-RRB- to build two hotels next to a district of Riyadh which the federal government plans to turn into a worldwide business zone. Starwood will manage a luxury hotel under its Westin brand name and a four-star hotel under its Component brand, Saudi Real Estate, which owns the land, said on Sunday without offering information of construction plans. The project will be adjacent to the multibillion-dollar King Abdullah Financial District, the business said. The district was launched in 2006 to house banks and the monetary regulator but has struggled to draw in tenants. The government stated in April that it would rescue the financial district by transforming it into a special business zone with competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh’s worldwide airport. Disclaimer: Fusion Media would like to remind you that the information included in this website is not always real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex rates are not provided by exchanges but rather by market makers, therefore prices might not be accurate and might vary from the actual market value, meaning costs are indicative and not necessary for trading purposes. Therefore Blend Media does n`t bear any obligation for any trading losses you might incur as an outcome of utilizing this data. Fusion Media or anybody involved with Combination Media will not accept any liability for loss or damage as an outcome of dependence on the information including data, quotes, charts and buy/sell signals consisted of within this website. Please be totally notified relating to the threats and costs related to trading the monetary markets, it is among the riskiest financial investment types possible.

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