Saudi Arabia-based leading real estate company, Amaar Real Estate has signed an agreement with the global management consulting firm, McKinsey & Company to create the strategy and a business plan for the establishment of Amaar capital.
Mr. Abdulhadi Al-Qahtani, the Chairman of the Board of Amaar Real Estate, has highlighted that the idea of launching Amaar Capital aims to exploit the important developments in the real estate industry of Saudi Arabia. The new entity is also in line with the Kingdom’s Economic Vision 2030, emphasizing the necessity of creating a sustainable and prosperous economy.
Amaar capital’s shariah-compliant operations will focus on the real estate sector with the aim to integrate and align the strategy of the company. The entity will operate under the regulations of the relevant authorities.
The new entity will have leadership with unique competencies and strategic competitive advantage through the deployment of cutting-edge fintech tools to facilitate its operations and serve its investors and partners.
Mr. Al-Qahtani has revealed that the agreement would be the beginning of productive cooperation with McKinsey, given the consulting firm’s prestigious professional history, and a proven record of crafting strategies and successful methodologies.
The Saudi economy has witnessed rapid development since the launch of the promising 2030 Vision, which paved the way for structural changes in government procedures, regulations and laws. This has resulted in the comprehensive modernization of the services offered by both the public and the private sector.
Saudi Arabia’s real estate sector is an integral part of the overall economy of the Kingdom. The country’s real estate market is expected to witness remarkable improvement in the coming years, supplemented by a large infusion of quality government and private projects.
