Banan was appointed as the project’s developer and marketer.
Banan Real Estate Co. signed a SAR 54.95 million contract with Fourth Advanced Summit Horizons Co. (Afaq Al Qimma Al Rabiaa Al Mutatawera), a subsidiary of Artal Real Estate Fund IV managed by Artal Capital, to develop a hotel building in Al Rahmaniyah district. 
In a statement to Tadawul, the company said it was appointed as the project’s developer and marketer. The project comprises a hotel building on a 3,284-square-meter site in Al Rahmaniyah district, owned by Artal Real Estate Fund IV.
Banan added that the contract was awarded and signed on July 2, 2026, with a term of two years. It expects the contract to have a positive financial impact on its revenue and financial results starting from H2 2026.
The company noted that Qimam Noshoz Real Estate Development Co., a subsidiary of Banan, holds a 38.2% stake in Artal Real Estate Fund IV, while Banan directly owns a 10.2% stake in the fund.
It also said that Fourth Advanced Summit Horizons was established in Saudi Arabia to own and hold the real estate assets of Artal Real Estate Fund IV, a closed-end real estate investment fund managed by Artal Capital.
Banan was appointed as the project’s developer and marketer.
Banan Real Estate Co. signed a SAR 54.95 million contract with Fourth Advanced Summit Horizons Co. (Afaq Al Qimma Al Rabiaa Al Mutatawera), a subsidiary of Artal Real Estate Fund IV managed by Artal Capital, to develop a hotel building in Al Rahmaniyah district.
In a statement to Tadawul, the company said it was appointed as the project’s developer and marketer. The project comprises a hotel building on a 3,284-square-meter site in Al Rahmaniyah district, owned by Artal Real Estate Fund IV.
Banan added that the contract was awarded and signed on July 2, 2026, with a term of two years. It expects the contract to have a positive financial impact on its revenue and financial results starting from H2 2026.
The company noted that Qimam Noshoz Real Estate Development Co., a subsidiary of Banan, holds a 38.2% stake in Artal Real Estate Fund IV, while Banan directly owns a 10.2% stake in the fund.
It also said that Fourth Advanced Summit Horizons was established in Saudi Arabia to own and hold the real estate assets of Artal Real Estate Fund IV, a closed-end real estate investment fund managed by Artal Capital.
