Al Akaria Saudi Real Estate Company (SRECO) Signs Framework Agreement with Presidency of State Security for Real Estate Services
RIYADH, 4 September 2018: Al Akaria Saudi Real Estate Company (SRECO), one of the largest publicly listed real estate developers on the Saudi stock exchange (Tadawul), has signed a Framework Agreement with the Presidency of State Security to provide real estate services to them in the Kingdom of Saudi Arabia (KSA).
SRECO will provide end to end delivery for all Presidency of State Security projects in KSA, in accordance with the regulations followed in the Kingdom, and after Presidency of State Security obtaining the necessary approvals including project management, infrastructure, building and construction, operation, maintenance and facilities management services. The projects are located in over 100 different locations access the kingdom and are varied in scale and composition.
“We are honored to be the Presidency of State Security’s real estate partner of choice,” said Abdulrahman Almofadhi, Chairman of Al Akaria Saudi Real Estate Company. “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.”
“SRECO has 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. It provides a complete value chain solution, from conceptualisation, finance and planning; to real estate development, leasing, property and portfolio management, and facilities management. 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. In addition, it has forged strategic partnerships with organisations such as POSCO, HANMI Global, leading global companies and KSA government departments.” Almofadhi concluded.
SRECO is 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 taken a collaborative approach to development, partnering with leading global companies and KSA government departments and we are fully aligned with Vision 2030, the Kingdom’s roadmap for economic and social transformation.
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