Centurion Corporation has signed a memorandum of understanding (MOU) with KEZAD Communities to explore a collaboration in the business of providing accommodation for employees and students in the Middle East region.
KEZAD Communities is Abu Dhabi’s largest end-to-end staff accommodation owner and solutions provider and is a part of the KEZAD Group, which is the United Arab Emirates’ (UAE) largest operator of fully integrated economic zones, business services and so on.
The MOU was signed by KEZAD Communities’ director of communities services & operations, Eissa Al Hemeiri, and Kelvin Teo, Centurion’s chief operating officer (COO) on Oct 21 in Dubai.
According to Centurion, the MOU forms the basis for a closer partnership between both parties to pursue strategic opportunities in the accommodation business amid rising demand for staff accommodation in the Middle East.
“Both parties share the vision to develop and operate quality staff accommodations solutions addressing local regulatory requirements and international ethical standards,” says Centurion in its Oct 23 statement.
The partnership will explore several options including new business opportunities, investments and joint ventures in the UAE and other markets in the Gulf Cooperation Council (GCC), developing deal structures and business cases for opportunities, as well as development and construction activities.
The partnership also marks Centurion’s interest in expanding its geographical presence to viable accommodation markets in the Middle East. Meanwhile, KEZAD Communities would contribute their extensive on-ground expertise and experience in UAE and Middle East.
“As a premier provider of staff accommodation solutions in Abu Dhabi, we are keen on sharing our expertise and experience in the field of staff accommodation solutions with the rest of the region. Our agreement with Centurion Corporation OU8 aligns with this strategy. This will help raise the level of employee well-being across the entire value chain through quality accommodations,” says Abdul Aziz Bawazeer, CEO of KEZAD Communities.
“We are delighted to partner and collaborate with KEZAD Communities, who is one of the major staff accommodation players in the Middle East. As a leading specialised accommodation provider, we are always on the lookout for opportunities in new markets to enhance our portfolio and deliver sustainable value to our stakeholders. This partnership opens a new chapter for Centurion to explore possibilities in an exciting region where demand for purpose-built worker accommodation is set to increase with tightening regulations on workers’ welfare,” adds Kong Chee Min, CEO of Centurion.
Shares in Centurion closed 0.5 cents lower or 1.28% down at 38.5 cents on Oct 20.
