PricewaterhouseCoopers, License No. 25,
Kingdom Tower, P.O. Box 8282, Riyadh 11482, Kingdom of Saudi Arabia To the shareholders
Abdulmohsen Al-Hokair Group for Tourism and Development Company (A Saudi Joint Stock Company)
Riyadh, Kingdom of Saudi Arabia
Independent limited assurance report on declaration submitted by the Chairman of the Board of Directors to the shareholders of Abdulmohsen Al-Hokair Group for Tourism and Development Company
We have undertaken a limited assurance engagement in respect of the accompanying declaration of related party transactions and contracts for the year ended 31 December 2022 relating to Abdulmohsen Al-Hokair Group for Tourism and Development Company (the “Company”) prepared by the management and approved by the Chairman of the Board of Directors of the Company in accordance with the applicable criteria mentioned below so as to comply with the requirements of Article 71 of the old Regulations for Companies (the “Declaration").
Subject matter
The Subject Matter for our limited assurance engagement is the Declaration prepared by the management of the Company and approved by the Chairman of the Board of Directors as attached to this report and submitted to us.
Criteria
The applicable criteria (the “Criteria”) is the requirement of Article 71 of old Regulations for Companies issued by the Ministry of Commerce (2015-1437H) and subsequent amendments made therein which states that any member of the Board of Directors (the “Board”) has any interest, both directly or indirectly, in the transactions or contracts made for the account of the Company shall declare such interests for the approval of a general assembly of the Company. The Board member must notify the Board of such interest and excuse himself in vote by the Board to approve such transactions or contracts. The Chairman of the Board has to notify the general assembly of transactions and contracts in which a member of the Board has a direct or indirect interest.
Management’s responsibility
The Management of the Company is responsible for the preparation of the Declaration in accordance with the Criteria and ensuring its completeness. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation of the Declaration that is free from material misstatement, whether due to fraud or error.
Professional ethics and quality management
We have complied with the independence requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards), endorsed in the Kingdom of Saudi Arabia (the
“Code”), that is relevant to our limited assurance engagement and we have fulfilled our other ethical responsibilities in accordance with the Code’s requirements.
We have applied International Standard on Quality Management 1 (“ISQM 1”), which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Independent limited assurance report on declaration submitted by the Chairman of the Board of Directors to the shareholders of Abdulmohsen Al-Hokair Group for Tourism and Development Company (continued)
Our responsibility
Our responsibility is to express a limited assurance conclusion on the Declaration based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements 3000 (Revised), ‘Assurance Engagements Other Than Audits or Reviews of Historical Financial Information’, as endorsed in the Kingdom of Saudi Arabia. This standard requires that we plan and perform this engagement to obtain limited assurance about whether anything has come to our attention that causes us to believe that the Company has not complied with the applicable requirements of Article 71 of the old Regulations for Companies in the preparation of the Declaration, for the year ended 31 December 2022.
The procedures selected depend on our judgment, including the assessment of risks such as failure of systems and controls, whether due to fraud or error. When performing those risk assessments, we consider internal controls relevant to the Company’s compliance with the requirements of Article 71 of the old Regulations for Companies in the preparation of the Declaration. Our procedures included examining, on a test basis, evidence supporting systems and controls in respect of the preparation of the Declaration in accordance with the requirements of Article 71 of the old Regulations for Companies.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our limited assurance conclusion.
Summary of work performed
We have planned and performed the following procedures to obtain limited assurance over the Company’s compliance with the requirements of Article 71 of the old Regulations for Companies in the preparation of the Declaration:
• Discussed with the Company’s management the process for conducting business and entering into contracts with any of the Board members, either directly or indirectly, with the Company which includes that the Board member notifies the Board on the transactions and contracts entered into by the Company, in which the Board member may have any interest, either directly or indirectly, and further that the concerned Board member will not vote on the resolution issued in this regard at the meetings of the Board and the shareholders.
• Obtained the accompanying Declaration (enclosed as Appendix I to this report) that includes the lists of all transactions and contracts entered into by any of the Board members of the Company, either directly or indirectly, with the Company during the year ended 31 December 2022.
• Reviewed the minutes of the Board meetings that indicates that the concerned Board member notified the Board on new transactions and agreements entered into by that Board member during the year ended 31 December 2022; and further that the concerned Board member did not vote on the resolution issued in this regard at the meetings of the Board.
• Reviewed the confirmations obtained from the concerned Board members on the business and contracts participated by the Board members, either directly or indirectly, during the year ended 31 December 2022.
• Tested the consistency of the transactions included in the Declaration with the Company’s audited consolidated financial statements disclosures for the year ended 31 December 2022.
Inherent limitations
Our procedures regarding systems and controls relating to the preparation of the Declaration in accordance with the requirements of Article 71 of the old Regulations for Companies, are subject to inherent limitations and, accordingly, errors or irregularities may occur and not be detected. Furthermore, such procedures may not be relied upon as evidence of the effectiveness of the systems and controls against fraud and fraudulent collusion, especially on the part of those holding positions of authority or trust.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement under ISAE 3000 (Revised) as endorsed in the Kingdom of Saudi Arabia. Consequently, the nature, timing and extent of the procedures outlined above for gathering sufficient appropriate evidence were deliberately limited relative to a reasonable assurance engagement, and therefore less assurance is obtained with a limited assurance engagement than for a reasonable assurance engagement.
Our procedures did not constitute either an audit or a review made in accordance with International Standards on Auditing or International Standards on Review Engagements as endorsed in the Kingdom of Saudi Arabia, and, accordingly we do not express an audit or a review opinion in relation to the adequacy of systems and controls around preparation of the declaration.
This conclusion relates only to the Declaration for the year ended 31 December 2022 and should not be seen as providing assurance as to any future dates or periods, as changes to systems or controls may alter the validity of
Independent limited assurance report on declaration submitted by the Chairman of the Board of Directors to the shareholders of Abdulmohsen Al-Hokair Group for Tourism and Development Company (continued)
Limited assurance conclusion
Based on our work described in this report, nothing has come to our attention that causes us to believe that the Company has not complied, in all material respects, with the applicable requirements of Article 71 of the old Regulations for Companies in the preparation of the Declaration of related party transactions for the year ended 31 December 2022.
Restriction of use
This report, including our conclusion, has been prepared solely upon the request of the management of the Company, to assist the Company and its Chairman of the Board of Directors in fulfilling their reporting obligations to the General Assembly in accordance with Article 71 of the old Regulations for Companies. The report should not be used for any other purpose or to be distributed to or otherwise quoted or referred to, without our prior consent to any other parties other than the Ministry of Commerce, The Capital Market Authority and the shareholders of the Company.
PricewaterhouseCoopers
Khalid A. Mahdhar License Number 368 May 16, 2023
Date: 15 May,2023
board members eport on business and contracts between the company and
R Subject:
Dear Shareholders
With reference to Article No. (71) of the Saudi Companies Law regarding the business and contracts conducted by the company and in which a member of the Board of Directors has a direct or indirect interest, the group has, during the year ending on December 31, 2022 AD, conducted transactions in which there is a direct or indirect interest for some Members of the Board of Directors without any preferential features and on conditions that do not differ from those transactions that the group conducts with ordinary commercial debtors and creditors within agreements authorized by the company’s general assembly, noting that these transactions were not carried out through competition (unless otherwise stated below) as follows:
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
1
Abdulmohsin Alhokair Holding Group
Andalusia Hotel, Riyadh
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
26 years 1,001,809
2
Abdulmohsin Alhokair Holding Group
Holiday Inn Hotel Alkhobar
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
26 years 3,000,000
3
Abdulmohsin Alhokair Holding Group
Holiday Inn Alsalam Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value
20% of
revenue *
24 years 839,355
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
4
Abdulmohsin Alhokair Holding Group
Red Sea Palace Hotel Jeddah
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
It represents the rental value 20% of revenue *
26 years 559,432
5
Abdulmohsin Alhokair Holding Group
Double Tree by Hilton Almuroj Riyadh
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
It represents the rental value 20% of revenue *
20 years 7,994,688
6
Abdulmohsin Alhokair Holding Group
Double Tree by Hilton Almuroj Dhahran
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
It represents the rental value 20% of revenue *
20 years 2,887,282
7 Mosaad Alhokair
Staff
Housing for at Double Tree Hilton Dhahran
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 585,000 annually
5 years 585,000
8 Mosaad Alhokair
Staff
Housing for at Double Tree Hilton Riyadh
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 900,000 annually
5 years 900,000
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
9
Abdulmohsin Alhokair Holding Group
Alhamra Hotel Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years 990,206
10
Abdulmohsin Alhokair Holding Group
Holiday Inn Gateway Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years 3,863,859
11
Abdulmohsin Alhokair Holding Group
Radisson BLU Hotel Jizan
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
16.5
years 2,787,254
12
Abdulmohsin Alhokair Holding Group
Radisson BLU Hotel Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years 2,867,745
13
Abdulmohsin Alhokair Holding Group
Radisson BLU Hotel Corniche Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years 6,487,997
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
14
Abdulmohsin Alhokair Holding Group
Park Inn Hotel Dammam
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
20 years 750,000
15
Abdulmohsin Alhokair Holding Group
Holiday Inn Hotel Corniche Alkhobar
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
8 years 2,997,912
16
Abdulmohsin Alhokair Holding Group
Novotel Hotel Yanbu
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
21 years 700,000
17
Abdulmohsin Alhokair Holding Group
Suite Novotel Hotel Riyadh
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR
1,150,000 annually
20 years 1,150,000
18
Abdulmohsin Alhokair Holding Group
Golden Tulip Hotel
Nasiriyah
There is an interest in board member;
Mr. Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR
2,165,000 annually
20 years 2,165,000
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
19
Abdulmohsin Alhokair Holding Group
Mena Hotel Taif
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR 400,000 annually
20 years 400,000
20
Abdulmohsin Alhokair Holding Group
Sahara Compound Alkhobar
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
20 years 573,991
21
Abdulmohsin Alhokair Holding Group
Developed hangar building in Jizan
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR 1,200,000 annually
13 years 1,200,000
22
Majed Alhokair
&Heirs of Khaled Alhokair
a land on which a warehouse was built on Al-Kharj Road - Riyadh
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
There is no rental value, and the ownership of the assets is transferred to the lessor at the end of the contract
10 years -
23
Al-Hokair Co. for recreational manufacture
Games maintenance contract
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami, Alhokair, and Mr. Bandar Alhokair
According to quotations submitted with the right to deal with any other supplier
5 years -
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
24
Abdulmohsin Alhokair Holding Group
Marhaba building for staff housing
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 800,000 annually
5 years 800,000
25
Abdulmohsin Alhokair Holding Group
Female workers’
housing, Riyadh
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 200,000 annually
5 years 200,000
26
Abdulmohsin Alhokair Holding Group
Staff housing for Radisson Blu Hotel staff
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 600,000 annually
16 years 600,000
27
Abdulmohsin Alhokair Holding Group
Exhibition building, Jamah Riyadh
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 50,000 annually
26 years 50,000
28
Abdulmohsin Alhokair Holding Group
Maintenance, operation, and cleaning services agreement
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Monthly bills basis, and the price calculated according to current prices
Annually 1,932,118
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
29
Abdulmohsin Alhokair Holding Group
Management and operation agreement for Al-Hokair Sports and Entertainment Center
(Rabwah Project - Riyadh)
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami,
Alhokair, and Mr.
Bandar Alhokair
The company operates and manages the project for an investment return of SR 4,500,000
5 years 4,500,000
30
Abdulmohsin Alhokair Holding Group
Lease contract for Head Office in Riyadh
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami,
Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR 1,500,000 annually
10 years 1,500,000
31 Abdulmohsin Alhokair
Mena Hotel Apartments Management Contract - Dubai
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami,
Alhokair, and Mr.
Bandar Alhokair
Management fees 2% of total sales, management incentives 6% of total operating profit, marketing, and
advertising fees 2% of room revenues
10 years -
No. Related Party
Nature of the contract
Type of relationship
Important terms of the contract
Contract Duration
the value (SR)
32 Abdulmohsin Alhokair
Mena Plaza Hotel
Management Contract - Dubai
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
Management fees 2% of total sales, management incentives 6% of total operating profit, marketing and advertising fees 2% of room revenues
10 years -
33 Majed Alhokair
Majid Al Hokair
Printing Press
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
According to quotations
submitted with the right to deal with any other supplier
3 years 12,017
34 Sami Alhokair
Golden Tulip Hotel
Alkhobar
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue *
25 years 2,000,000
35 Sami
Alhokair Est.
Staff housing for the staff of Holiday Inn Hotel (Al- Khobar Corniche)
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR
65,790 annually 5 years 65,790
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
36
MENA Education and Human Resources Development Company
"Abdul Mohsen Al Hokair Hotel Training Institute"
Staff training agreement, hotel room use and rent
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
An amount of SR2,000 riyals as a monthly training wage for each trainee.
The group also provides hotel rooms for the Institute’s employees at the prices in hotels and rent.
Annually 656,625
37
Tanami Arabia Company Limited
Novotel Business Park Dammam
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years 2,516,933
38
Tanami Arabia Company Limited
Lease contract for Head Office Dammam
There is an interest in board member; Mr.
Majed Alhokair, Mr. Sami, Alhokair, and Mr. Bandar Alhokair
Fixed rent of SR414,000 annually, in addition to 10%
services
3 years 455,400
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
39
Abdulmohsin Alhokair Holding Group
The value of compensation from the termination of lease
contracts
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
The value of compensation from the termination of lease contracts due to
expropriation by government agencies in the public interest
- 32,677,575
40
Abdulmohsin Alhokair Holding Group
Regency Hotel Jeddah
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
It represents the rental value 20% of revenue
*
20 years -
41
Abdulmohsin Alhokair Holding Group
a building attached to the Holiday Inn Jeddah Gate way Hotel (Jeddah)
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
It represents the rental value 15% of revenue
*
20 years -
42
Half-moon beach resort company
An agreement to invest and operate the Half Moon Beach Hotel
There is an interest in board member;
Mr. Majed Alhokair, Mr.
Sami,
Alhokair, and Mr. Bandar Alhokair
An investment agreement for a period of 15 years in the amount of SR 4,556,469 annually
15 years 4,556,469
No. Related Party
Nature of the contract
Type of relationship
Important terms of the
contract
Contract Duration
the value (SR)
43
Tabuk Co for Commercial&
Entertainment Projects
Tabuk commercial center lease contract
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of SR2,500,000 annually
12 years 2,500,000
44
Riyadh Plastic Factory Company
Contract for the supply of plastic materials
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
According to the quotations submitted with the right to deal with any other supplier
5 years 312,593
45
Riyadh Plastic Factory Company
Lease
contract for 5 hangers in Al Baraka warehouse - Riyadh
There is an interest in board member;
Mr. Majed
Alhokair, Mr. Sami, Alhokair, and Mr.
Bandar Alhokair
Fixed rent of 200,000 SAR annually
10 years 200,000
46
Future Markets Trading Company, one of Hamat Holding Group companies
Rent a location in Panorama Mall
There is an indirect interest for the board member, Mr.
Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two
installments
5years 4,395,000
No. Related Party
Nature of the contract
Type of relationship
Important terms of
the contract
Contract Duration
the value (SR)
47
Developed Markets Company, a subsidiary of Hamat Holding Group
Rent a location in Dareen Mall
There is an indirect interest for the board member, Mr.
Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
10 years 1,823,500
48
Aseer Air Real Estate Investment Company, subsidiary of Hamat Holding Group
Rent a location in Aseer Mall
There is an indirect interest for the board member, Mr.
Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
10 years 831,781
49
Fayd Al Madinah Real Estate Company is one of Hamat Holding Group companies
Rent a location in Manar Mall
There is an indirect interest for the board member, Mr.
Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
10 years 1,215,600
50
Borouge Acquisition Company Ltd. one of Hamat Holding Group companies
Rent a location in Park Inn Taif
There is an indirect interest for the board member, Mr.
Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
15 years 926,750
No. Related Party
Nature of the contract
Type of relationship
Important terms of
the contract
Contract Duration
the value (SR)
51
Future Markets Trading Company, one of Hamat Holding Group companies
Rent a location in Panorama Mall
There is an indirect interest for the board member, Mr. Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
1 year 280,000
52
Azzan Sabya Company, one of Hamat Holding Group companies
Rent a location in Azzan Mall
There is an indirect interest for the board member, Mr. Amr Al-Jalal, as he occupies the position of board member of Hamat Holding Co.
Fixed annual rent paid in two installments
10 years 1,047,800
53
Al-Argan Projects Company for Real Estate Investment
Rent a location in the Green Oasis Mall in Al Thumama, Riyadh
There is an interest for a member of the Board
Member, Mr. Iyad Al-Bunyan
Fixed annual rent paid in 1 installments
10 years 786,250
*As of April 1, 2020 AD, the rental contracts for these hotels have been amended so that the rental value for each hotel becomes a percentage of the hotel’s revenues, with a maximum annual rent amount due for the year 2019, and according to the approval of the General Assembly in its meeting held on 10/9/1441 AH corresponding to 1/ 6/2020 .
Majed Alhokair Chairman
