Dur Hospitality Co. extended a memorandum of understanding (MoU) with the General Authority of Awqaf regarding studying the establishment of a company to develop land plot number (125) in Madinah, located in the northern area of Al Masjid in Nabawi, according to a bourse statement on Tuesday.
The deal was extended for three months, ending 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.
The company noted that further details will be announced in the due course, affirming that the extension has no financial impact.
In October 2019, Dur Hospitality and the General Authority of Awqaf signed a non-binding MoU to study the establishment of a company to develop a land plot number (125).
Under the deal, Dur Hospitality will own 49% of the company, while 51% will be owned by the General Authority of Awqaf.
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