Riyadh – Mubasher: Dur Hospitality Company has signed a memorandum of understanding (MoU) with Saudi Arabia’s General Authority of Awqaf to develop a land plot in Madinah.
The land plot number 125 is located in the northern area of Al Masjid in Nabawi, according to the company’s bourse filing.
Under the deal, Dur will work on completing the required studies to establish the company that will be 49% owned by them and 51% by the Awqaf.
Spread over an area of 1,379 square metres, the land will be used to build and operate a 5-star hotel under the brand Makarem.
