BAAN Holding awarded SAR 436M catering services project

BAAN Holding Group Co. announced receiving a project award to provide catering services at a residential complex in Neom, managed by Almutlaq Real Estate Investment Co’s (AREIC) subsidiary, Al-Mutlaq Services, with an estimated value of approximately SAR 436 million.

In a statement to Tadawul, the group explained that the six-year project involves providing catering and food services to the Modern Village Complex, one of the residential villages in Neom.

The contract value is linked to the occupancy rate and the number of residents in the village, the statement noted, adding that the project will be concluded on Dec. 31, 2030.

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

There are no related parties to the deal, the statement added.