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03 Feb 2021 | 13:36

Time Out enters management deal for Abu Dhabi market

(Sharecast News) - Publisher and leisure company Time Out Group has entered into a management agreement with Aldar Properties, it announced on Wednesday, to open a new Time Out Market in Abu Dhabi's Saadiyat Island. The AIM-traded firm said Time Out Market Abu Dhabi was expected to open in 2023.

It was Time Out's fourth market management agreement, and its second location in the United Arab Emirates, with Time Out Market Dubai set to open in the first half of 2021.

Under the deal, Time Out would receive a share of revenues and profits, subject to a guaranteed management fee, but would not contribute to the capital cost of the site.

Its primary responsibility would be branding, curation and day-to-day management and operations.

Time Out Market Abu Dhabi would be located in one of the region's "prime destinations", spanning more than 35,000 square feet and include 15 restaurateurs, three bars and a cultural and entertainment space.

"Signing the fourth management agreement for Time Out Market with a global real estate partner like Aldar Properties is testament to the appeal of our unique 'Market' concept and the global strength of the Time Out brand," said chief executive officer Julio Bruno.

"We look forward to bringing the Time Out Market to Abu Dhabi and curating the best of this international city's home-grown culinary talent under one roof.

"While it remains a challenging time for the leisure industry, we know our audience is eager to return to the city life that we champion and we look forward to welcoming them to the current and planned Time Out Markets around the world."

At 1601 GMT, shares in Time Out Group were up 1.41% at 36p.
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