MEFIC REIT begins trial operation of Drnef Ajyad Hotel

Logo of MEFIC REIT Fund

MEFIC Capital, fund manager of MEFIC REIT Fund, announced fully completing all restoration and preparation works for operating Drnef Ajyad Hotel, as per the standards of operator Boudl Group of Hotels and Resorts, MEFIC Capital said in a statement to Tadawul today, Dec. 31.

The company also said the move was fully financed from the fund’s own resources, adding that the hotel operator begun the trial operation in accordance with its standards until all regulatory requirements are fulfilled.

The company expects the new addition to have a positive impact on the fund and future cashflows.

MEFIC REIT Fund signed, on May 11, a 12-year contract with Boudl Hotels and Resorts to manage and operate Drnef Ajyad Hotel and Drnef Kudai Hotel in Makkah. Drnef Ajyad Hotel comprises over 220 rooms, paired with service facilities, according to Argaam's available data.