Al Akaria signs SAR 50.1M facilities management deal with subsidiary

04:26 PM (Mecca time) Argaam
Logo ofSaudi Real Estate Co. (Al Akaria)

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) signed today, April 14, an integrated facilities management contract with the Saudi-Korean Company for Maintenance and Properties Management (Mumtalakat), in which it holds a 60% stake.

 

The deal covers Al Akaria’s residential and commercial assets in Riyadh, the company said in a statement to Tadawul.

 

The 12-month contract, valued at approximately SAR 50.12 million (VAT exclusive), entails the delivery of integrated facilities management services across all Al Akaria properties in the capital.

 

Al Akaria said the financial impact is expected to appear starting from Q1 2026 results.

 

Abdulmuhsin Albakr, chief development officer (CDO) at Al Akaria, is a related party for holding an indirect board membership in Mumtalakat.

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