Riyadh - Mubasher: Saudi Real Estate Company (Al Akaria) has inked an integrated facilities management services contract valued at SAR 50.11 million with its 60%-owned subsidiary, Saudi-Korean Company for Maintenance and Properties Management (Mumtalakat), according to a bourse filing.
The 12-month agreement covers the provision of integrated facilities management services across Al Akaria’s property portfolio in Riyadh.
Mumtalakat will deliver comprehensive maintenance and property management services for the company’s residential and commercial assets.
The financial impact of the contract is expected to begin reflecting in the company’s financial statements starting from the first quarter (Q1) of 2026.
On 18 February, Al Akaria leased the Al Reef Residential Compound in a deal valued at SAR 1.19 billion.
