Taiba's subsidiary terminates 2 hotel management contracts in Madinah

23/02/2021 Argaam

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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