Establishment of a Special Purpose Company to Construct and Develop a 5-Star Hotel Tower

The final partnership agreement between Awqaf Investment and Dur Hospitality was signed to establish a special purpose company, which is (51%) owned by Awqaf Investment and (49%) owned by Dur Hospitality, with an initial capital of SAR (25,000), twenty-five thousand Saudi riyals, provided that the new company leases a plot of land No. (125) in Al Madinah, the central area from the northern side of the Prophet’s Mosque, which is under the supervision of the General Authority for Awqaf (GAA), and it develops such land to establish a 5-star hotel, which will be operated by the hotel operational arm of Dur Hospitality.