Hotelier Middle East is reporting that Millennium & Copthorne Hotels signed an MoU with Deyaar Development, a UAE-based real estate developer.
The MoU will result in Millennium developing and operating new hospitality projects in the UAE for an estimate of 1,000 rooms.
The agreement was signed by Saeed Al Qatami, CEO of Deyaar, and Ali Hamad Lakhraim Alzaabi, president and CEO of Millennium & Copthorne Hotels MEA on the sidelines of Cityscape Global. Al Qatami told the site that Deyaar has allocated up to one million square feet of land for hospitality projects as part of the company's growth strategy. "We have already announced several hotels and hotel apartment projects as part of our ongoing development pipeline.”
Deyaar is currently developing hotels in an effort to broaden its offerings and expand its hospitality impact on the UAE market. Deyaar’s hospitality portfolio includes The Atria - a project located in Business Bay - that marked its foray into the hospitality sector.
The company has also announced a hospitality tower as part of its Montrose project, and has a third hospitality project in Al Barsha.
Deyaar is expected to carry out its operations in accordance with sharia-compliant standards.