Millennium & Copthorne underlines its position as the fastest growing operator in the Kingdom with 4 new hotels in Madinah
Dubai - Millennium & Copthorne Hotels, Middle East and Africa continues its expansion into Saudi Arabia by announcing the signing of four hotels in Madinah. The properties include two Millennium hotels as well as a Studio M and Millennium Executive Apartments, the Group's budget and serviced apartment brands. The properties are part of the masterplan of Knowledge Economic City, an impressive $7bn development in Madinah.
The four hotels are envisioned to open by 2020 and will range in size from 600 to 1,000 rooms per property. Knowledge Economic City (KEC) is located 5 km east of the Holy Haram in Madinah. The master development will also feature an academy and campus, museum, wellness centre, retail, commercial offices, residential housing and a mosque housing 10,000 worshippers.
The Group's presence in Madinah will address the demand for quality internationally branded and long-stay options in the city, especially during the religious periods of Hajj and Umrah. In addition, the business and conference segments are expect to encounter growth in the coming years with the completion of Knowledge Economic City.
Mr. Ali Hamad Lakhraim Alzaabi, President & CEO, Millennium & Copthorne Hotels MEA says; "This agreement is another significant achievement supporting our rapid expansion in Saudi Arabia, a key strategic focus country for our Group. The hospitality industry in the Holy City of Madinah is witnessing remarkable growth due to a rise in religious tourism as well as the thriving economy. There is currently an undersupply of branded hotels with international standards and we are confident that our expansion plans will help address this."
The move follows the signing of four hotels in Madinah and Riyadh earlier this year and is part of Millennium & Copthorne's strategy to open over 20 hotels in the Kingdom within the next five years and 100 hotels across the Middle East by 2020.
Alzaabi continues; "We are proud and honoured to be part of such an important development such as Knowledge Economic City, which is expected to drive economic growth and employment to the city. As a global operator with a deep understanding of the region we are confident that we can support this major infrastructural project by providing the highest levels of hospitality to this exciting development".
Dr. Marwan Fahmie, Acting CEO, Knowledge Economic City Co. says; "We are delighted to enter into a partnership with Millennium & Copthorne. Knowledge Economic City is set to serve Saudi Arabia's economic diversification strategy and cement Madinah's role as an Islamic cultural centre. By working closely alongside our consultants Colliers International and an international leader in the hospitality industry such as Millennium & Copthorne, we are confident that visitors and residents alike will be provided with an exceptional service offer."
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About Millennium & Copthorne Hotels Plc
Millennium & Copthorne Hotels plc is a dynamic, global hotel company, which owns, asset manages and/or operates over 120 hotels worldwide. With almost 40,000 rooms worldwide, the company is present on all continents with a portfolio of brands which serve different market segments, representing quality and value in every class.
From a single property in Abu Dhabi, Millennium & Copthorne, Middle East & Africa has expanded into various neighbouring destinations and is now recognised as one of the fastest growing regional hotel management companies in the Middle East & Africa. Along the way, the company has cultivated partnerships with reputable and respected owners. Millennium & Copthorne currently operates 22 hotels, has over 10 hotels due to open within the next year and aims to operate 100 properties by 2020 for the MEA region
For media enquires please contact:
Eleanore Longley Account Director elongley@prco.com +971 4 278 4903
Sousie Babekian Account Manager sbabekian@prco.com +971 4 278 4907
About Knowledge Economic City Company
The Knowledge Economic City is a Saudi joint stock company listed in Saudi Stock Exchange. It has been established to develop the project initiated by the Saudi Arabian General Investment SAGIA as the third economic city in the Kingdom in an aggressive bid to repatriate capital and attract value-added foreign investments.
The project focus on knowledge-based industries with an Islamic focus and become a business gateway to Almadinah city with its mix use activities that include business district, residential, hospitality, retail and educational sectors around the Prophet City.
For media enquires please contact:
Yassin Babikir Director, Corporate Affairs ybabiker@madinahkec.com +966 14 8651010
Anas Shehab Director, Business Development ashehab@madinahkec.com +966 14 8651010
© Press Release 2015
