MEFIC Capital News
In regards to the operation of Makkah's Drnef Ajyad Hotel and Drnef Kuddai Hotel and their effect on the fund's dividend payout, MEFIC Capital announces an important update. The fund's hotels are currently undergoing final renovations and upgrades to bring them in line with the brand and standards of the operator, "Boudl Hotels & Resorts". The fund's own financial resources were used to complete all remodeling and furnishing projects; extra financing was not required. The hotels should begin operating in the fourth quarter of 2023, which will increase the fund's liquidity and allow it to continue paying out cash dividends in the second half of 2023.