In reference to the company's earlier announcements on December 8, 2021, regarding the Ajwan project development agreement, and on November 19, 2023, concerning the issuance of the off-plan sales license for the project, a non-binding memorandum of understanding has been formalized. This occurred during the company's participation in the Real Estate Future Forum held from January 22 to January 24, 2024. The memorandum was signed between the First Gulf Real Estate Company, the project owner, and Melia Hotels International Company, designating them to manage and operate the hotel situated within the Sumou Real Estate Company-developed project. The financial implications of this memorandum will materialize upon the signing of the final agreement.
