MEFIC Capital announces an important update regarding the operation of Drnef Ajyad Hotel and Drnef Kuddai Hotel located in Makkah and its impact on the fund’s dividend distribution. Work is in the final stages for renovating and refurbishing the hotels owned by the fund, to align with the identity and standards of the operator, “Boudl Hotels & Resorts”. All renovation and furnishing activities have been carried out from the fund’s own financial resources, and the fund has not incurred any additional financing for this. The hotels are expected to be operational during the fourth quarter of 2023, which will positively impact the fund’s liquidity and resume cash dividend distributions starting from the second half of 2023.
