The General Authority of Awqaf and Dur Hospitality Co. signed on Oct. 30 a memorandum of understanding (MoU) to set up a new company to develop and operate a five-star hotel tower in Madinah.
The partnership comes as part of the authority’s strategy that aims to enhance its investment portfolio and boost returns.
It is also part of its strategy to form partnerships with the private sector, and raise the non-profit sector’s contribution to 5 percent of the Kingdom’s gross domestic product.
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