The General Authority for Awqaf has signed a strategic MoU with Dur Hospitality that aims to establish a private company tasked with developing a five-star hotel tower in the central area of Madinah.
The agreement was signed by Sultan bin Bader Al-Otaibi, CEO of Dur Hospitality, and Haitham bin Mohammed Al-Fayez, CEO of Awqaf Investment Company, on Oct. 30 in Riyadh.
Under this MoU, property number 125 will be leased with an area of 1,379 square meters to develop and operate a five-star hotel under the Makarem Hotels’ brand, a subsidiary of Dur Hospitality specialized in serving the two holy cities. The project land is strategically located in close proximity to the Prophet’s Mosque, on Abu Obeida bin Jarrah Road in the north side of the city.
Emad bin Saleh Al-Kharashi, governor of the General Authority for Awqaf, said the deal complements Awqaf’s investment strategy to enter partnerships with the private sector in order to contribute to the organization, preservation and development of Awqaf.
Dur Hospitality to develop 5-star hotel in Madinah
Dur Hospitality to develop 5-star hotel in Madinah
Saudi Awwal Bank becomes first Middle East bank to earn 7-star CinOrg innovation accreditation
Saudi Awwal Bank has become the first bank in the Middle East to receive a 7‑star Certified Innovative Organization rating from the Global Innovation Institute, the highest recognition awarded by the institute.
The accreditation marks a significant step in SAB’s innovation strategy and follows an innovation maturity assessment conducted by the institute in December 2025. The review, which built on an earlier assessment in December 2023, raised the bank’s maturity level from “Champion” to “Leader.” The new rating reflects SAB’s institutionalized approach to innovation, its enterprise-wide impact and its ability to consistently deliver measurable results.
With the 7‑star rating, SAB becomes the first bank in the region to reach the highest innovation maturity level, strengthening its position as a regional reference point for innovation-led and future-ready banking.
In 2025, the bank opened its flagship Innovation Centre and secured six internationally recognized innovation awards, along with a lab accreditation. The centre has supported SAB’s efforts to accelerate the adoption of advanced technologies, encourage cross-functional collaboration and reinforce its standing as a regional leader in financial innovation.
Saeed Assiri, chief innovation banking officer at SAB, said the recognition reflects years of focused work to build a sustainable innovation ecosystem.
“By investing in SAB’s culture, governance and talent, innovation enables the bank to remain future-ready,” he said. “This milestone reinforces our role in accelerating financial innovation in Saudi Arabia and delivering long-term value for our customers.”
The certification adds to SAB’s broader efforts to strengthen its innovation capabilities as the Kingdom’s banking sector continues to evolve.
