MEFIC REIT says 2 Makkah hotels to be operational in Q4 2023

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MEFIC Capital, fund manager of MEFIC REIT Fund, said that Drnef Ajyad Hotel and Drnef Kuddai Hotel, Makkah, are expected to be operational during the fourth quarter of 2023, according to a statement to Tadawul.

 

This will positively impact the fund's liquidity and push it to resume dividend distributions starting from the second half of 2023, it added.

 

The fund manager also indicated that work is in the final stages for renovating and refurbishing the hotels owned by the fund, to align with the identity and standards of its hotel operator, Boudl Hotels and Resorts.

 

It added that all renovation and furnishing works were financed from the fund's own resources, with no additional financing obtained in this regard.

 

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