Mubasher: Al Arabiya Real Estate (ARABREC) on Sunday announced signing an agreement with InterContinental Hotels Group (IHG) to establish Staybridge hotel in Kuwait.
The agreement was inked by Jawad Bukhamseen, CEO of ARABREC, and Pascal Gauvin, managing director in India, Middle East and Africa (IMEA), Annahar Newspaper reported.
The hotel will provide businessmen and tourists with a luxurious and professional level of services.
The company did not give further details concerning the project's total cost and its timeframe.
It is worth noting that ARABREC’s losses declined 32.6% year-on-year to KWD 1.53 million for the first nine months of 2018.
By 10:05 am Kuwait time, ARABREC’s stock rose 0.71% at 28.2 fils.
