Deyaar inks MoU with Millennium & Copthorne
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Deyaar Development PJSC announced signing of a memorandum of understanding (MoU) with Millennium & Copthorne Hotels, Middle East and Africa.
The MoU was signed to establish a strategic alliance for developing and operating new hospitality projects in the UAE, totalling approximately 1,000 keys. The agreement was signed by Saeed Al Qatami, chief executive officer of Deyaar and Ali Hamad Lakhraim Alzaabi, president and CEO of Millennium & Copthorne Hotels MEA. The MoU aims to establish a long-term strategic business relationship to develop hotel and hospitality projects in the country, in accordance with Sharia compliant standards.
Saeed Al Qatami said: “We have already announced several hotels and hotel apartment projects as part of our ongoing development pipeline. As a logical progression, we decided to expand our hospitality portfolio and commenced serious conversations with reputed and established international hotel operators such as Millennium & Copthorne.”
Elaborating further Ali Hamad Lakhraim Alzaabi, president and CEO, Millennium & Copthorne Hotels MEA, said: “We have aggressive growth plans for the Middle East and Africa region, with an aim to open 100 hotels by 2020. We believe that our agreement with Deyaar will help us achieve our targets within the set time-frame.”
Millennium & Copthorne currently operates 22 hotels and aims to grow that number to 100 properties by 2020 for the MEA region.
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