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 (LOI), whereby Dur Hospitality will be operating two hotels at Dar Al-Hijrah project in Madinah. The LOIs were signed last Aug. 17 by Assistant Minister of Finance Mohammed bin Hamoud Al-Maziad who is the chairman of the founding committee of the Saudi Real Estate Development Company (Dar Al-Hijrah), and Fahad bin Abdullah Al-Qasim, Board member at Dur Hospitality. Through its own Saudi hotel brand specialized in operating hotels in Makkah and Madinah, 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 Marriott International under 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 of the Prophet's Mosque (Al Masjid Al Nabawi) 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 Madinah 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. Dur Hospitality (previously Saudi Hotels and Resorts Co Hotels), the most prestigious Saudi hospitality company, owns, develops, and manages a broad range of tourism and residential properties across the Kingdom. In 2014, Dur announced that it will invest SR1.5 billion to achieve a planned portfolio of 20 hotels and six residential properties by 2023. Dur Hospitality sets an exemplar for successful hospitality development through presenting genuine hospitality services to become the perfect partner to any local, regional or international party. This concept was reflected through its partnership with Marriott International & Intercontinental Hotels Group. Dur Hospitality has also contributed to the development of "holy cities specialized hospitality", through its own brand "Makarem" that was recently re-launched with a new identity. Makarem Hotel announced operating 10 new hotels in the coming 5 years in the holy cities of Makkah and Madinah. The Saudi Real Estate Development Company will develop the two hotels within Dar Al-Hijrah Project in Madinah that includes 100 administrative and residential tower. With 40,000, four and five-star rooms, the project will be able to accommodate more than 120,000 guests once completed. The easily accessible project includes a commercial center and a central transportation station that can carry up to 84,000 pilgrims to and from the Prophet's Mosque by bus or train on high-frequency routes. — SG
