The Al Akaria Saudi Real Estate Company (SRECO) has inked a framework agreement with the Presidency of State Security for various real estate services in Saudi Arabia.
Under the deal, SRECO will provide end-to-end delivery for all Presidency of State Security projects in the kingdom, including services related to project management, infrastructure, building and construction, operation, maintenance, and facilities management services.
The projects are spread across 100 different locations in Saudi Arabia, all varying in scale.
Abdulrahman Almofadhi, chairman of SRECO, said the Saudi real estate giant was “honoured to be the Presidency of State Security’s real estate partner of choice”.
He added in a statement: “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.”
The group, one of the largest real estate companies listed on the Saudi stock exchange, Tadawul, also said it has embraced a new business strategy that looks to move away from the “business-as-usual approach” by leading a “new generation of real estate concepts, systems, and practices across Saudi Arabia”.
Almofadhi added: “This is delivered through a three-tiered structure of the business, which incorporates SRECO Real Estate Investment Management; SRECO Real Estate Development Company; and SRECO's joint ventures and subsidiaries division.
“In addition, we have forged strategic partnerships with organisations such as Posco and Hanmi Global, leading global companies, and Saudi government departments as well.”
The news came a month after the group announced its plans to build Al Widyan, a 700ha mixed-use project, in Riyadh’s northern corridor.