Riyadh – Mubasher: Abdulmohsen Al Hokair Group for Tourism and Development Company on Tuesday published several updates pertaining to its ongoing projects under the hotels and entertainment divisions.
The MENA Hotel in Tabuk, which comprises 82 rooms and suits, a restaurant, health club and swimming pool, and multi-purpose halls, is currently leased for a 15-year period to Al Hokair Group, according to a bourse filing.
The hotel is scheduled for handover to Al Hokair to complete the operational requirements by the end of 2016, the company revealed, adding that the soft opening and the financial impact will be seen by the second half of 2017.
The Group is also working on launching several projects in various locations across Saudi Arabia.
Construction is ongoing at Al Hokair Time – Dammam, with a total area of 5,000 sq.m. and includes the Sky Zone, Sparkys and Snowy brands, the company said, adding that the financial impact will be seen by Q2-17.
Al Hokair Time - Al Khobar is seeing similar progress with the exception that the total area of the location is 8,000 sq.m. and the financial impact will appear in Al Hokair's financials in Q4-17.
Moreover, the Sky Zone site at Al Khair Mall in Riyadh was opened in November 2016, while the Snowy site, at the same location, is currently under development and will be operational before the end of this year, according to the bourse statement.
The financial impact is expected in Q1-17. The site is owned by Asateer Co., which is 50% owned by Al Hokair Group.
As for the renovation and reopening of existing locations, the Saudi group revealed that it was renovating Luna Park in Taif, which also include the brands of Sky Zone, Sparkys and Snowy.
The 8,400 sq.m location will be reopened "under the name of Al Hokair Time," the company said, adding that the financial impact of the project is expected Q3-17.
Luna Park in Madinah is also currently being renovated and will be reopened under Al Hokair Time brand. The financial impact will be seen in the company's financials for Q3-17.
"Sources of financing [are] available for the company from local banks," Al Hokair concluded, noting that further developments in any of its projects will be announced in due time.
