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.
