Awqaf Investment and TAIBA Strengthen Hospitality Sector with Inauguration of Makarem Burj Al Madinah Hotel & Suites
Ceremony Marks a New Era in Hospitality
Al-Madinah Al-Munawwarah: Awqaf Investment, the investment arm of the General Authority for Awqaf, in collaboration with TAIBA, a prominent player in the hospitality and real estate sectors listed on the Saudi Stock Exchange (Tadawul), officially inaugurated the Makarem Burj Al Madinah Hotel & Suites. The ceremony was attended by His Excellency Mr. Imad Al-Kharashi, Governor of the General Authority for Awqaf, alongside senior officials from both public and private sectors, investors, industry leaders, and board members from both organizations.
Strategic Partnership for Development
The Makarem Burj Al Madinah Hotel & Suites is the result of a strategic partnership between Awqaf Investment and TAIBA. This collaboration led to the establishment of a special purpose vehicle aimed at developing and operating a five-star hotel under the Saudi hospitality brand Makarem. Awqaf Investment provided endowed assets and a sustainable investment framework, while TAIBA contributed its extensive expertise in hotel development and operations, particularly for visitors to the two holy cities.
This initiative represents a pioneering model for maximizing the developmental impact of endowments, delivering a high-quality hospitality product that meets increasing demand. It aims to enhance the contribution of the endowment sector, support sustainable economic development, elevate the experience of pilgrims and visitors, and strengthen Madinah’s hospitality offerings.
Insights from Leadership
In his address during the inauguration ceremony, Mr. Abdulaziz Altubayyeb, CEO of Awqaf Investment, highlighted the significance of the project. He stated that it exemplifies the fruitful collaboration between Awqaf Investments and TAIBA, showcasing how effective management of endowments can yield substantial results when paired with experienced partners.
Altubayyeb emphasized that the project reflects the growing role of endowment investment in supporting development and adds qualitative value to the hospitality sector in Madinah. He noted that the hotel enriches the guest experience and enhances service quality in the vicinity of the Prophet’s Mosque.
Commitment to Sustainable Development
Altubayyeb reiterated Awqaf Investment’s commitment to unlocking the potential of the endowment sector and directing it toward value-added projects. The Makarem Burj Al Madinah Hotel & Suites serves as a tangible example of efforts to develop endowment investments in alignment with best investment practices, thereby increasing the sector’s economic and developmental returns.
Sultan Alotaibi, CEO of TAIBA, also spoke at the opening ceremony, marking the inauguration as a significant milestone for TAIBA in reinforcing its position in the Saudi hospitality sector. He noted that the hotel aligns with their vision of developing Saudi hotel brands that enhance the hospitality experience for visitors, Umrah performers, and tourists, in line with their Forward Hospitality concept.
Enhancing Religious Tourism
Alotaibi highlighted that the new hotel represents a substantial addition to Madinah’s hospitality ecosystem, directly supporting Saudi Vision 2030. This initiative aims to enhance religious tourism, upgrade hotel infrastructure, and reinforce Madinah’s status as a global destination.
He expressed gratitude for the support received from His Royal Highness the Governor of Madinah Province and the Governor of the Madinah Development Authority, acknowledging the contributions of all government entities and partners involved in delivering the project to the highest international standards.
Hotel Features and Offerings
The Makarem Burj Al Madinah Hotel & Suites is strategically located in the northern central area, just steps away from Al-Masjid Al-Nabawi. It is designed to provide comfort and luxury, offering a unique experience that blends spirituality with sophistication. The five-star hotel features 374 rooms and suites, including distinctive duplex suites that span two floors, providing panoramic views and enhanced privacy.
Guests can enjoy four diverse international dining options and comprehensive facilities catering to families, business travelers, and pilgrims. The hotel includes 75 parking spaces, spans 15 floors, and is equipped with dedicated guest and service elevators, alongside exceptional amenities that reflect the highest standards of comfort and luxury.
Supporting Saudi Vision 2030
The official inauguration of the Makarem Burj Al Madinah Hotel & Suites aligns with strategic partnerships aimed at achieving the objectives of Saudi Vision 2030, particularly enhancing the pilgrim experience. This initiative aims to increase hotel capacity and deliver high-quality hospitality offerings that reflect the Kingdom’s position as the heart of the Islamic world while supporting sustainable economic development within the non-profit sector.
About Awqaf Investments
Awqaf Investment commenced operations as the investment arm of the General Authority for Awqaf (GAA) on 13/04/1440 A.H., corresponding to 20/12/2018 A.D. The organization focuses on developing mechanisms and strategies for endowment investment, diversifying its portfolio to enhance the sector’s contribution to the Kingdom’s economic development in line with Vision 2030.
About TAIBA
TAIBA is a publicly listed Saudi joint-stock company on the Saudi Exchange (Tadawul) under the trading symbol 4090, headquartered in Riyadh. Established in 1976, the company specializes in developing, operating, and managing hospitality, commercial, and residential assets. TAIBA operates over 40 properties with more than 8,000 hotel keys and is currently developing over eight new hotel projects.
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Published on 2026-04-19 16:48:00 • By the Editorial Desk
