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Adeer Real Estate Service Company has secured a six-month contract with Al Nubalaa International Real Estate Investment Company to exclusively market and sell the Millennium Hotel in Makkah. The contract is valued at around 10% of Adeer's latest annual revenue and is expected to contribute positively to the company's financial performance once the hotel sale is completed. The agreement adds to a series of recent mandates secured by Adeer in Saudi Arabia's real estate sector, reflecting the company's continued focus on marketing and brokerage services for large-scale property assets.
Adeer Real Estate Service Company has signed a contract with Al Nubalaa International Real Estate Investment Company to provide marketing and sales services for the Millennium Hotel in Makkah. The agreement gives Adeer responsibility for marketing and selling the hospitality asset over a period of six months.
The company said the estimated value of the contract is equivalent to approximately 10% of its latest annual revenue. It also stated that the agreement is expected to have a positive financial impact after the sale of the hotel is completed.
The latest mandate comes shortly after Adeer secured another major assignment in Makkah involving the exclusive marketing and sale of a 47-storey mixed-use tower comprising 471 units in the Jabal Omar district. That earlier agreement had a 36-month tenure and was valued at around 18% of the company's latest annual revenue, highlighting Adeer's growing role in handling large-scale real estate marketing and sales projects across the Kingdom.
The company has not disclosed additional financial terms of the Millennium Hotel agreement beyond its estimated value relative to annual revenue. No timeline for the completion of the hotel sale has been announced, although the contract itself will remain in force for six months.
Source Reuters
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