Hospitality company TAIBA and Awqaf Investment, the investment branch of the General Authority for Awqaf (GAA), have officially opened the Makarem Burj Al Madinah Hotel & Suites in central Madinah, Saudi Arabia.

The inauguration ceremony was attended by GAA governor Imad Al-Kharashi, along with public and private sector officials, investors, and board members of the companies.

The two entities jointly established a special purpose vehicle to develop and operate the five-star hotel under the Makarem brand.

Awqaf Investment provided the endowed assets and an investment framework while Taiba contributed experience in hotel development and management.

Located in the northern central area of Madinah, the property is situated a short distance from the Prophet’s Mosque.

The hotel spans 15 floors and provides 374 rooms and suites, which include duplex suites over two floors.

Makarem Burj Al Madinah Hotel & Suites offers four international dining venues alongside facilities designed for families, pilgrims and business visitors.

According to Awqaf Investment CEO Abdulaziz Altubayyeb, the proposal supports development goals by boosting the hospitality sector in Madinah.

Altubayyeb was quoted by e-newspaper Maaal as saying: “Our partnership is built on a unique model that embodies the integration between the endowment and private sectors, demonstrating what professional investment management of endowments can achieve when combined with experienced and professional partners, working together according to a clear shared vision.”

The launch of Makarem Burj Al Madinah Hotel & Suites aims to support the goals of Saudi Vision 2030 by increasing accommodation capacity for visitors and enhancing hospitality services, particularly for pilgrims, within the broader development of the non-profit and endowment sectors.