SINGAPORE, May 29, 2024 — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group”, “YYGH”, or the “Company”), a data and technology-driven provider of hotel and hospitality staffing and commercial cleaning and janitorial services, announced today its entry into the United Arab Emirates (“UAE”) hotel and hospitality industry. Mr. Ramy Attia will serve as the Country Director.
“This expansion will let YY Group meet the needs of multinational and regional hospitality brands, helping them manage their operations in the UAE. With a solid track record of providing qualified and experienced workers to leading hospitality companies in Southeast Asia, we expect to have a smooth start and gain momentum quickly,” said Mike Fu, Founder and Chief Executive Officer of YY Group. “Ramy has more than 17 years of hospitality experience across five countries. We look forward to working closely with him and his team to seize the growth opportunities in the UAE’s hotel and hospitality industries.”
The UAE is aiming to welcome 40 million hotel guests by 2031. This is expected to further enhance its position as one of the most popular tourist destinations. The UAE’s hospitality industry is expected to grow to $9.5 million by 2029, at a 5% CAGR from 2024-2029. The Company will take advantage of this growth by building a strong presence in the UAE. It also plans to make the YY Circle Super App the top-rated app for labor sourcing.
About YY Group Holding Limited
YY Group Holding Limited is based in Singapore. It provides hotel and hospitality staffing as well as commercial cleaning and janitorial services. Based on innovation and a commitment to user-centric experiences, YY Circle uses app-based technology to improve the labor sourcing market and the Internet of Things to transform the cleaning industry.
For more information on the Company, please visit https://yygroupholding.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements that involve various risks and uncertainties. These statements include those about the Company’s ability to grow its business. They also include other statements that are not historical facts, such as those that may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors. The factors include, but are not limited to, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (SEC). The forward-looking statements in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
For further information, please contact:
Singapore Investor Contact
Phua Zhi Yong, Chief Financial Officer
YY Group
U.S. Investor Contact
Jack Perkins
KCSA Strategic Communications
