RIYADH: A Saudi real estate company on Tuesday declared it had called off a six-year-old management deal with two Madinah hotels.
Taiba Investments Co. provided the Saudi Exchange (Tadawul) that its wholly-owned subsidiary Al-Aqeeq Real Estate Development Co. had canceled agreements agreed on Nov. 30, 2014, with Millennium and Copthorne Middle East Holdings Ltd. for the management of the Al-Aqeeq Millennium and Taiba Millennium hotels situated in the central area of the holy city.
Taiba Investments provided operation of the two hotels would carry on under the direct management of Ai-Aqeeq Real Estate Development Co., joining that the financial implications of the contract abolitions were yet to be set on.