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Ladun Investment Company announces the signing of a contract to manage and operate Ladun Tower project with Cheval Collection International Company
| Element List | Explanation |
|---|---|
| Introduction | Driven by its strategic directions to diversify its investment portfolio and achieve sustainability, and in line with the Kingdom’s Vision 2030 projects, Ladun Investment Company announces its first projects in the field of luxury hospitality by signing a contract to manage and operate the Cheval Ladun residential tower (luxury apartments) located on King Fahd Road in Riyadh, with Cheval Collection Company which is the first project of the British based company specializing in luxury hospitality in the Kingdom of Saudi Arabia, where the name “CHEVAL LADUN LIVING” was given to the project, which includes 130 luxury residential apartments of various sizes between one, two and three rooms. In addition to a gym and swimming pool. Note that the operator will contribute with the company’s management in following up and ensuring the quality of the work and its compliance with the highest international standards by supervising the designs and works throughout the project execution period until operation begins. |
| Date of Announcement of the Award | 2024-04-30 Corresponding to 1445-10-21 |
| Contract Subject Matter | Managing and operating luxury Apartments under the Cheval Collection brand. |
| The Entity with Which the Contract was Signed | Cheval Collection |
| Date of Signing the Contract | 2024-04-30 Corresponding to 1445-10-21 |
| Contract Value | It has no specific value as the operator receives a share of the revenue and profits as compensation for managing and operating. |
| Contract Details | Cheval Collection Company will manage and operate the “CHEVAL LADUN LIVING”, which will be established by Ladun Investment Company and its subsidiaries on its land located on King Fahd Road in Riyadh. The tower includes 130 luxury apartments in addition to entertainment and sports services. |
| Contract Duration | 20 years from the date of tower operations |
| Financial Impact and the Relevant Period | Upon the commencement of tower operations, which is anticipated in the Year 2027 |
| Related Parties | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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