Riyadh – Mubasher: Makkah Construction and Development has signed an agreement with Millennium & Copthorne Middle East Holdings to manage and operate Makkah’s hotels and towers in order to provide better service to its guests.
The contract has a duration period of 20 years starting 1 September 2017, according to a bourse filing issued on Wednesday.
Makkah noted that the contract has no certain value, and Millennium will receive part of the return and profits in exchange for operating and running the company’s business.
The financial impact from this deal is expected to show in the fourth quarter of 2017.
