Logo of Taiba Investments Co.
Taiba Investments Co.’s fully-owned subsidiary, AlAqeeq Real Estate Development Co., terminated agreements signed with Millennium & Copthorne Middle East Holdings Ltd., effective as of today, Feb. 23, 2021.
The operations of the hotels in Madinah - AlAqeeq Millennium Hotel and Taiba Millennium Hotel - will continue under the direct management of AlAqeeq Real Estate Development, Taiba said in a bourse filing today, Feb. 23, 2021.
The termination of the contracts with Millennium & Copthorne Middle East may have a financial impact which cannot be estimated at present, the statement noted.
Any updates will be disclosed in due course.
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