Saudi real estate firm cancels management deals with two Madinah hotels

Wednesday, February 24, 2021

A Saudi real estate company on Tuesday announced it had cancelled a six-year-old management deal with two Madinah hotels.

Taiba Investments Co. told the Saudi Stock Exchange (Tadawul) that its fully owned subsidiary Al-Aqeeq Real Estate Development Co. had terminated agreements signed on Nov. 30, 2014 with Millennium and Copthorne Middle East Holdings Ltd. for the management of the Al-Aqeeq Millennium and Taiba Millennium hotels located in the central area of the holy city.

Taiba Investments said operation of the two hotels would continue under the direct management of Al-Aqeeq Real Estate Development Co., adding that the financial implications of the contract cancellations were yet to be determined.