Deyaar inks deal with Millennium for UAE projects
The MoU aims to establish a strategic business relationship that will serve as a platform for Deyaar and Millennium & Copthorne to develop hospitality projects
Deyaar Development signed a memorandum of understanding (MoU) with Millennium & Copthorne Hotels, Middle East and Africa, 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 on the sidelines of Cityscape Global.
The MoU aims to establish a long term strategic business relationship that will serve as a platform for Deyaar and Millennium & Copthorne to develop hotel and hospitality projects in the country, in accordance with Sharia compliant standards.
Commenting on the agreement, Saeed Al Qatami said: “Deyaar has allocated up to one million square feet of land for hospitality projects as part of our growth strategy. 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. This MoU reiterates our commitment to introduce new hospitality units into Dubai’s vibrant tourism sector and contribute in helping the emirate achieve its tourism objective of adding 160,000 new hotel rooms by 2020.”
Ali Hamad Lakhraim Alzaabi 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. Deyaar has today developed an enviable reputation for consistently delivering quality projects. Both companies share a common objective and we believe that jointly we will deliver quality projects that offer impeccable service to our customers as well as enhanced value to stakeholders.”
Deyaar’s hospitality portfolio includes The Atria, a project situated at a prime location in the upscale Business Bay area that marked its foray into the hospitality sector. The company has also announced a hospitality tower as part of its Montrose project, and has to its credit a third hospitality project in Al Barsha area.