MEFIC Capital announces that MEFIC REIT Fund had signed a management and operation agreement to manage Drnef Ajyad Hotel & Drnef Kuddai Hotel with “BOUDL Hotels & resorts Group” the owner of the following brands: (Narcisus – Braira – Aber – Boudl Apart Hotel). The management and operation agreement extends for a period of 12 years.
Drnef Ajyad Hotel will be comprised of more than 220 hotel rooms, along with its service facilities and Drnef Kuddai Hotel will be comprised of more than (85) hotel rooms, along with its service facilities.
The Fund Manager expects that the results of this material development will be positive on the fund. Also, the fund manager will announce any additional Material development at the time.