Dur Hospitality receives approval to establish joint entity for Madinah land plot

02/04/2020 Argaam

 

Dur Hospitality Co. received today the approval from the board of directors of Awqaf Investment Co., the investment arm of General Authority of Awqaf (Endowment), to set up a special purpose vehicle to develop land plot number (125) in Madinah.

 

The company said in statement to Tadawul that it will control 49% of the newly established entity whereas 51% will belong to Endowment.

 

Both partners are currently reviewing the contract details, and will make further announcements in due course.

 

According to data compiled by Argaam, Dur Hospitality and Endowment signed, in October last year, a memorandum of understanding (MoU) to study the establishment of a joint entity to develop land plot number (125).

 

However, the MoU was extended for 3 months, ended March 31, 2020.

 

The land spans over an area of 1,379 square meters and will be used to build and operate a 5-star hotel under the brand Makarem.

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