Riyadh: Jadwa Investment Company reported the merge of the two property title deeds in relation to Tharawat Wadi Ibrahim Hotel and the restaurant building to build a hotel tower.
The merged title deed has an all-out land area of 261 square meters, as indicated by disclosure by Jadwa REIT Al Haramain Fund to Tadawul.
The two old buildings have been demolished and the development of the tower has commenced. The foundation is expected to be finished before the blessed month of Ramadan in 2022.
The architectural designs of the hotel tower were accepted and building permits have been gained.
Jadwa provided that the financial impact is anticipated to be positive and will show on the income statements of the second quarter (Q2) of 2022.
The previous month, Jadwa launched its Real Estate Investment Fund (REIF) in partnership with Tatweer Holding Group, Riyad Bank, and Bank Albilad.