Al Akaria to provide real estate services to Saudi security body

Framework Agreement with Presidency of State Security covers project deliveries in 100 locations

  
Image used for illustrative purpose only. A man pushes a cart as he walks past residential buildings in Riyadh, Saudi Arabia December 21, 2015. Picture taken December 21, 2015. REUTERS/Faisal Al Nasser

Image used for illustrative purpose only. A man pushes a cart as he walks past residential buildings in Riyadh, Saudi Arabia December 21, 2015. Picture taken December 21, 2015. REUTERS/Faisal Al Nasser

REUTERS/Faisal Al Nasser
04 September 2018
Saudi real estate developer Al AkariaSaudi Real Estate Company (SRECO) announced on Monday it signed a Framework Agreement with the Presidency of State Security to provide real estate services.

Presidency of State Security is a Saudi security body established by a royal decree last year.

The Tadawul-listed developer said in a press statement that it would provide end-to-end delivery for all Presidency of State Security projects in over 100 different locations, and would encompass project management, infrastructure, building and construction, operation, maintenance and facilities management services.

The statement didn't provide details about the deal value but said the projects are located in over 100 different locations.

Company chairman Abdulrahman Almofadhi said in the statement that SRECO was honored to be the Presidency of State Security's 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," he said.

Last month, SRECO announced that that it is planning to launch a seven million square-metre mixed-use project in the Saudi capital Riyadh in the fourth quarter of 2018. It said the first phase of Al Widyan development is expected to cost 10 billion Saudi riyals ($2.67 billion).

(Writing by Anoop Menon) (anoop.menon@thomsonreuters.com)

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