The General Authority for Awqaf has signed a strategic MoU with Dur Hospitality that aims to establish a private company tasked with developing a five-star hotel tower in the central area of Madinah.
The agreement was signed by Sultan bin Bader Al-Otaibi, CEO of Dur Hospitality, and Haitham bin Mohammed Al-Fayez, CEO of Awqaf Investment Company, on Oct. 30 in Riyadh.
Under this MoU, property number 125 will be leased with an area of 1,379 square meters to develop and operate a five-star hotel under the Makarem Hotels’ brand, a subsidiary of Dur Hospitality specialized in serving the two holy cities. The project land is strategically located in close proximity to the Prophet’s Mosque, on Abu Obeida bin Jarrah Road in the north side of the city.
Emad bin Saleh Al-Kharashi, governor of the General Authority for Awqaf, said the deal complements Awqaf’s investment strategy to enter partnerships with the private sector in order to contribute to the organization, preservation and development of Awqaf.
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