Riyadh-Amlak

Al-Tayyar Travel Group Holding Company announced that the Group’s Board of Directors decided at its most recent meeting, to acquire an additional stake in Mathamara Real Estate Investment Company—which specializes in real estate development and the construction of hotels and residential units in Makkah—representing 39 percent of its assets, for a total of 341 million riyals.
In a statement on «Tadawul,» Al-Tayyar Travel Group explained that, following the acquisition of this additional stake, the Group’s share in «Muthamara Real Estate Investment» will be approximately 75 percent, valued at around 641 million riyals, The group added in its statement that «Muthamara» owns five 4-star hotels located in the central area of the Grand Mosque and two office towers, and that the transaction will be financed through the company’s own funds. The transaction is expected to have a positive impact on the company’s future revenues and profits, with its financial impact expected to be partially reflected starting in the third quarter of 2013 and the transaction expected to be completed during 2014.
The Group’s acquisition of Muthamara Real Estate Investment Company is part of its strategic plan to expand in the field of Hajj and Umrah services in Makkah through successful partnerships in the development of the Hajj and Umrah sector.