Sreco inks partnership deal with Saudi PSS

PSS is a Saudi Arabian security body created in 2017 by combining the counterterrorism and domestic intelligence services


Saudi-based Al Akaria Saudi Real Estate Company (Sreco) said it has signed a framework agreement with the Presidency of State Security (PSS) to provide real estate services for all its projects in the kingdom.

PSS is a Saudi Arabian security body created in 2017 by combining the counterterrorism and domestic intelligence services under one roof which deals with all matters related to state security.

One of the largest publicly listed developers on the Saudi stock exchange (Tadawul), Sreco will provide end-to-end delivery for all PSS projects in the kingdom, in accordance with the country's regulations and after its obtaining the necessary approvals including project management, infrastructure, building and construction, operation, maintenance and facilities management services.

These projects are located in over 100 different locations across the kingdom and are varied in scale and composition.

On the PSS deal, Sreco Chairman Abdulrahman Almofadhi said it was honoured to be their real estate partner of choice.

"We are keen on collaborating and working with all government entities to achieve the vision of our leadership and realise the main pillars underpinning Vision 2030, in order for the kingdom to become an attractive global destination," remarked Almofadhi.

Sreco, he stated, was an integrated, full service real estate development company with a proven track record of more than 40 years of experience in successfully developing and managing large scale real estate projects that have contributed to creating the modern Saudi Arabia.

"We have embraced a new business strategy leading a new generation of real estate concepts, systems and practices across Saudi Arabia, moving away from the 'business as usual' approach," said Almofadhi.

It provides a complete value chain solution, from conceptualisation, finance and planning; to real estate development, leasing, property and portfolio management, and facilities management, he explained.

"This is delivered through a three-tiered structure of the business, which incorporates real estate investment management; real estate development company; and the joint ventures and subsidiaries division," noted Almofadhi.

"In addition, Sreco has forged strategic partnerships with organisations such as Posco, Hanmi Global, leading global companies and other government departments," he added.-TradeArabia News Service

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