Centurion partners Abu Dhabi staff housing company to expand in Middle East
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Centurion owns, develops and manages purpose-built worker and student accommodation.
PHOTO: CENTURION CORPORATION
Mia Pei
SINGAPORE – Singapore-listed Centurion Corp has signed a memorandum of understanding (MOU) with Abu Dhabi’s largest staff accommodation company, Kezad Communities, to explore collaboration in the Middle East region.
Centurion owns, develops and manages purpose-built worker and student accommodation.
Inked on Saturday, the MOU forms the basis for closer collaboration between both parties to capture opportunities amid rising demand for staff accommodation in the region, said Centurion on Monday.
Centurion will explore different business opportunities. These include the development of deal structures as well as joint ventures in the region, while leveraging Kezad Communities’ on-ground expertise.
The partnership will also help Centurion to expand its presence in accommodation markets in the Middle East.
Centurion chief executive officer Kong Chee Min noted that the company is always looking for opportunities in new markets to enhance its portfolio.
“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,” he said.
Shares of Centurion closed one cent higher at 39.5 cents on Monday. THE BUSINESS TIMES
