RIYADH — The General Authority for Awqaf has signed a strategic Memorandum of Understanding with Dur Hospitality that aims to establish a private company tasked with developing a 5-star hotel tower in the central area of Madinah.
The memorandum was signed by Sultan Bin Bader Al-Otaibi, CEO of Dur Hospitality; and Haitham Bin Mohammed Al-Fayez, CEO of Awqaf Investment Company, last Oct. 30 in Riyadh.
Under this memorandum, property number 125 will be leased within 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 holy cities of Saudi Arabia. Additionally, the land on which the project will be built is strategically located in close proximity to the Prophet’s Mosque, on Abu Obeida bin Jarrah Road in the north side of the city.
Upon signing, Emad bin Saleh Al-Kharashi, the Governor of the General Authority for Awqaf, said this agreement complements Awqaf’s investment strategy seeking to enter partnerships with the private sector in order to contribute to the organization, preservation and development of Awqaf, and also enhances its developmental role according to the targets of Saudi Vision 2030 aiming to raise the non-profit sector’s contribution to GDP by 5% .
MHaitham Al-Fayez, CEO of Awqaf Investment Company, the investment arm of the General Authority for Awqaf, stressed that Awqaf seeks to activate partnerships with experienced and financially solvent entities to achieve harmony and integration and reduce investment risks. He added that Awqaf is looking forward to collaborating with Dur Hospitality in order to enrich the religious experience of Medina guests by offering quality services that meet the growing demand.
Moreover, Eng. Abdullah Al-Issa, Chairman of Dur Hospitality, described the agreement as a reiteration of Dur’s commitment to its expansion plan in the Kingdom’s holy cities, designed in line with the objectives of Vision 2030 aiming to cater to over 30 million pilgrims annually. He added that qualitative achievements and fruitful partnerships with the General Authority for Awqaf reflect Dur’s success in positioning itself as a Saudi brand specialized in providing leading projects and services to the guests of the two Holy Mosques in accordance to international standards.
Furthermore, Sultan Al-Otaibi outlined the company’s future plans which include further expansion through establishing new hotels for religious visitors under the Makarem Hotels brand. He said those plans seek to create an integrated offering of the finest hospitality services that encompass the brand’s hotel outlets in Makkah and Madinah.