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Makkah Construction ends agreement with Millennium and Copthorne

Makkah Construction ends agreement with Millennium and Copthorne
Terminating the joint agreement should be effective as of 13 June 2019
MCDC
4100
1.03% 68.90 0.70

Riyadh – Mubasher: Makkah Construction and Development Co announced that it has terminated any contracts with its subsidiary in Makkah City, Millennium and Copthorne Middle East Holdings Limited company.

Makkah Construction has ended the agreement with the five-star Millennium and Copthorne in regards to its first project that overlooks Masjid Al Haram, the Great Mosque of Mecca.

Terminating the joint agreement should be effective as of 13 June 2019.

Makkah noted that it has notified Millennium and Copthorne with the decision of ending this contract, according to a bourse filing on Thursday.

The Tadawul-listed company aims at appointing another international hotel operator to meet Makkah’s objectives.

Work is still ongoing in the hotel and towers which are being operated and managed by Makkah, the company said, adding that no negative impact should reflect on Makkah’s financial statements after ending the deal with Millennium and Copthorne.