03:30 AM EDT, 10/18/2026 (MT Newswires) -- Tourism Enterprise Co. (SASE:4170), d/b/a Shams, signed a 10-year lease investment contract worth 31.1 million Saudi riyals with Nokhbat Al-Malqa Hotel Co. for its first hotel project in Riyadh, Saudi Arabia. The Saudi Arabia-listed hospitality company will lease and operate the 17-story hotel in Riyadh's Al-Sahafa district, according to a Sunday release. The move aligns with Shams' new strategy to create a hotel brand and diversify its sources of income.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.