Report suggests framework agreement sees SRECO handle all PSS developments
SRECO (Al Akaria Saudi Real Estate Company) is to provide end-to-end delivery of all the Presidency of State Security (PSS) real estate projects in Saudi Arabia.
The publicly-listed real estate company has agreed a framework agreement that will see it handle project management, infrastructure, building and construction, operation, maintenance and facilities management services for PSS in over 100 developments, a report in the Saudi Gazette suggests.
“We are honored to be the Presidency of State Security’s real estate partner of choice,” commented SRECO’s chairman Abdulrahman Almofadhi. “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 added: “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 conceptualization, 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 organizations such as POSCO, HANMI Global, leading global companies and KSA government departments.”
The agreement follows the news last month that SRECO will build a 7 million sqm development called Al Widyan, “in a strategic location of Riyadh.”