BAAN signs SAR 436M catering services contract for NEOM housing complex

Logo of BAAN Holding Co.

BAAN Holding Group Co. (BAAN) signed, on June 17, a contract worth nearly SAR 436 million to provide catering services at a residential complex in NEOM, the company said in a statement to Tadawul.

The residential complex is managed by Sustainable Services Co., a subsidiary of Almutlaq Real Estate Investment Co. (AREIC).

The project involves providing catering, food and nutrition services to the Modern Village Complex, one of the residential villages in NEOM that serves as an accommodation facility for all categories of workers. The six-year contract is set to conclude on Dec. 31, 2030.

The contract value is linked to the occupancy rate and the number of residents in the village, the statement said.

The project is part of BAAN’s strategy to expand into the catering sector and diversify its investments, which will contribute to its business growth.

The contract was awarded to BAAN on Jan. 22, 2025.

The financial impact of the contract is expected to be reflected in Q2 2025, the statement said, adding that there are no related parties to the deal.