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SNOOZEBOX HOLDINGS PLC
Snoozebox enters the Gulf
Snoozebox Holdings plc (AIM: ZZZ) today announces that it is entering the Gulf region through a strategic partnership signed with the Dutco Group.
The partnership is exploring a range of opportunities across the Gulf Cooperation Council region*, both within the events and semi-permanent markets.
Snoozebox expects demand for its diverse and flexible accommodation solutions to be driven by the strong calendar of forthcoming major events, such as Dubai Expo 2020 and World Cup Qatar 2022, in addition to the continuing high levels of infrastructure investment in the region.
The Dutco Group was formed in 1947 in Dubai and since then it has expanded its interests into heavy civil engineering, construction, electrical, oil and gas services and communications. Dutco is a respected market leader in the region.
Lorcán Ó Murchú, Chief Executive at Snoozebox, said "This strategic partnership represents another step in the development of the business and we see numerous exciting opportunities in the region. The unique Snoozebox offering is ideally suited to the Gulf's landscape. Dutco Group is a very high calibre partner and we look forward to working together."
Jason Peers, Chief Investment Officer at Dutco Group, said "We see Snoozebox's strong brand and differentiated offering as an excellent complement to our existing Dutco portfolio and we are delighted to be bringing the Snoozebox concept to the region."
*Comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
20 November 2015
Panmure Gordon 020 7886 2500
Tulchan Communications 020 7353 4200
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