Taiba unit signs SAR 181.5M contract to build Marriott Hotel in Riyadh

Taiba says construction on Marriott Hotel likely to complete in Q1 2028

Taiba Investments Co.’s 84%-owned subsidiary, Smart Zone Hotel Co., signed a contract to undertake the Marriott Hotel project in Riyadh for SAR 181.5 million (VAT exclusive), according to a statement to Tadawul.

The Marriott Hotel project will be developed as part of the mixed-use STC Square project in Riyadh, with the main contractor Alsaad General Contracting Co.

The contract covers the hotel project, which will comprise 159 hotel keys and a rooftop swimming pool, a health club, multi-purpose meeting rooms, and a variety of restaurants.

The contract duration is 24 months from the signing date, and the financial impact will materialize after finalizing the construction works expectedly in Q1 2028.

The project represents a strategic step in line with the company’s direction to strengthen its presence in the hospitality sector in major cities.

There are no related parties involved in the contract, the statement noted.