Tourism Enterprises Co. (SASE:4170) entered into a non-binding memorandum of understanding to acquire Three hotels in Saudi Arabia from SHUAA Saudi Hospitality Fund I managed by Shuaa Capital Saudi Arabia, Investment Arm for approximately SAR 740 million on February 27, 2022. The procedures to implement the potential acquisition are subject to the approval of relevant authorities. Deal will be effective for 180 days starting from the signing date on February 27, 2022. Tourism Enterprises Co. (SASE:4170) appointed Wasatah Capital as the financial advisor for the deal.

Tourism Enterprises Co. (SASE:4170) cancelled the acquisition of Three hotels in Saudi Arabia from SHUAA Saudi Hospitality Fund I managed by Shuaa Capital Saudi Arabia, Investment Arm on December 1, 2022.