‬‬‬‬‬‬‬Two LOIs between the Public Investment Fund (PIF) and Dur Hospitality

The Public investment fund (PIF) represented by the Saudi Real Estate Development Company (Dar Al-Hijrah) and Dur Hospitality, the Saudi Company specialized in hotel development and operation through local & international hotel operators signed two Letters of Intent, whereby Dur Hospitality will be operating two hotels at Dar Al-Hijrah project in Medina.

The LOIs were signed on Wednesday 13, Thul Qedah 1438 H, corresponding to August 17, 2016 G, by Assistant Minister of Finance Mr. Mohammed bin Hamoud Al-Maziad who is the Chairman of the founding committee of the Saudi Real Estate Development Company (Dar Al-Hijrah), and Mr. Fahad bin Abdullah al-Qasim, Board member at Dur Hospitality. 

Through its own Saudi Hotel Brand specialized in operating hotels in Mecca and Madina "Makarem”, Dur Hospitality will operate the first Hotel that will boast 614 rooms and hotel apartments which will further boost the brand's leading position in the holy cities of Saudi Arabia.

The second hotel will incorporate 380 rooms and hotel apartments and will be operated by Marriott Courtyard, making it the second hotel managed by Dur Hospitality through Marriot International as per the franchise agreement signed with Marriott last April.

Dar Al-Hijrah project will be developed over an area of 1.6 million sqm, 3 km southwest Al-Masjid an-Nabawī and 900 m away from Quba mosque, with a total cost of 55 Billion Saudi Riyals. It is one of the monumental projects foreseen to develop Al Medina AL Munawara city further, and contribute in upgrading the level of services in the area, as it includes more than 100 executives, commercial and hospitality towers, in addition to Public utilities and administrative centers and pilgrims' services.

About Dur Hospitality:

Dur Hospitality, (Saudi Hotels and Resorts Co.-Hotels Previously) the most prestigious Hospitality Saudi company; has been publicly listed and trading on the Saudi stock market since 1976. 

Dur Hospitality owns, develops, and manages a broad range of tourism and residential properties across The Kingdom.  In 2014, Dur announced that it will invest SAR 1.5 billion to achieve a planned portfolio of 20 hotels and six residential properties by 2023.

Dur Hospitality sets an exemplar for successful hospitality development through presenting genuine hospitality services to become the perfect partner to any local, regional or international party. This concept was reflected through its partnership with Marriott International & Intercontinental Hotels Group. 

Dur Hospitality has also contributed to the development of “Holy cities specialized hospitality”, through its own Brand “Makarem” that was recently re-launched with a new identity. Makarem Hotel announced operating 10 new hotels in the coming 5 years in the Holy cities of Makkah and Madinah.