Makkah Construction and Development Co. has signed a 20-year management agreement with Millennium & Copthorne Middle East Holdings Limited, the Saudi company said in a bourse statement.
No fixed value was determined for the deal, the statement added.
Under the agreement, which will be effective as of Sep. 1, 2017, Millennium & Copthorne will manage and operate Makkah Construction’s five-star hotel towers in Makkah, in return for a share in profit.
Financial impact will be reflected on Q4 2017 earnings.
Comments
{{DisplayName}}
{{ElapsedTime}}