Makkah Construction and Development Co. has signed a 20-year management agreement with Millennium & Copthorne Middle East Holdings Limited, the Saudi company said in a bourse statement.

 

No fixed value was determined for the deal, the statement added.

 

Under the agreement, which will be effective as of Sep. 1, 2017, Millennium & Copthorne will manage and operate Makkah Construction’s five-star hotel towers in Makkah, in return for a share in profit.

 

Financial impact will be reflected on Q4 2017 earnings. 

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