Saudi Real Estate Company (Al Akaria) has signed a facilities management (FM) services contract with Saudi-Korean Company for Maintenance and Properties Management (Mumtalakat) for all of its residential and commercial properties in Riyadh.

The contract, which is valid for 12 months, is valued at 50.11 million Saudi riyals ($13.35 million), the developer said in a statement to the Saudi stock exchange.

Mumtalakat is 60 percent owned by Al Akaria.

In November 2025, Al Akaria said the Saudi Real Estate Infrastructure Company (Binyah), a subsidiary, signed a framework agreement with Expo 2030 Riyadh Company to execute early works for the Expo 2030 Riyadh project.

Al Akaria owns 60 percent of Binyah, a national company specialising in infrastructure development.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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