Taiba Investments Company Announces Termination of Contractual Relationship with Millennium & Copthorne Middle East Holdings Limited for the Management of the Hotels Owned by AlAqeeq Real Estate Development Company
|Announcement Detail||Taiba Investments Company hereby announces that AlAqeeq Real Estate Development Company (a subsidiary fully-owned by Taiba) has terminated the Hotel Management Agreements signed with Millennium & Copthorne Middle East Holdings Limited dated 30th November 2014 for the management of AlAqeeq Millennium Hotel and Taiba Millennium Hotel owned by AlAqeeq Real Estate Development Company located in Madinah Central Area as of date 11-07-1442H corresponding to 23-02-2021G, whereby the operations of the abovementioned hotels will continue under the management of AlAqeeq Real Estate Development Company directly. |
Moreover, the termination of this contractual relationship with Millennium & Copthorne Middle East Holdings Limited may have a financial impact which cannot be estimated at present, and it will be announced later should there is any update in this regard.
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