Saudi Hotels and Resorts Company recently announced the launch of its new identity and new trading name to ‘DUR Hospitality Company’. The new announcement follows several expansion programs involving significant investments, as reported by Arab News.
Abdullah bin Mohammed Al-Issa, chairman of the Group explained: “The company plans further expansion of investment in development of hotels and luxury residential complexes. Keeping this growth in perspective, the revenues are expected to triple by 2023.”
Al-Badr further revealed that the company’s net profit by the end of Q3 of 2014 had risen to SAR129.4 million (at a rate of SAR1.29 per share), representing an increase of 22% over the same period in 2013 (net profit at the end of 2013 having amounted to SAR143 m).
Under the first business activity, DUR will invest more than SAR1.5 bn in developing three and four -star hotels and luxury residential complexes. The plan is to reach 20 hotels and six residential complexes within the next seven years. Meanwhile, the hotel operations business would re-launch the Makarim Hotels chain as a brand specializing in religious tourism.