DUBAI: Saudi Arabia's Al-Tayyar Travel Group said on Sunday it had agreed on a share swap worth SR669.9 million ($178.6 million) to acquire a 25 percent stake in Zakhr Investment and Real Estate Development.

The stake, which will come equally from two existing Zakhr shareholders, will be paid for by issuing 6.51 million new Al-Tayyar shares, a bourse filing from the travel firm said.

Zakhr Investment has a project in Makkah which includes a hotel and residential and commercial facilities serving pilgrims and residents.

The acquisition is conditional on changes to land titles as well as regulatory and shareholder approvals.