Argaam, Sunday, Oct 4, 2020 | Safar 17, 1442
Saudi official says agreement with hotel owners to waive 80% of annual contract value
Abdullah Filali, chairman of the committee on hotels of the Makkah Chamber of Commerce and Industry (MCCI) said that several meetings were held between Holy Makkah Municipality, hotel owners and investors to reach an agreement on waiving 80% of the annual contract value.
Filali added that investors will bear the remaining 20% and the amount will be paid in installments, Al Watan newspaper reported.
The meeting aimed to reduce the damages arising from the suspension of Hajj and Umrah due to COVID-19, he said, adding that only 10% of hotels in Makkah have so far been operational.
The chairman also indicated that the committee will hold meetings with other sectors to determine the rents over the coming period.