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RIYADH: Amaar Real Estate Company and McKinsey & Company for management consultancy have signed an agreement.

As per the agreement, the globally leading consulting firm McKinsey will develop the strategy and a business plan for the establishment of Amaar capital.

The chairman of the board of Amaar Real Estate, Abdulhadi Al-Qahtani, said Amaar Capital aims to exploit significant developments in the real estate industry of ¶¶Òõ¶ÌÊÓƵ.

He also said that the new entity is also in line with the Kingdom’s economic Vision 2030, emphasizing the necessity of creating a sustainable and prosperous economy.

Al-Qahtani revealed that the agreement would be the beginning of a fruitful cooperation with McKinsey, given the consulting firm’s prestigious professional history, and a proven record of crafting strategies and successful methodologies.

Amaar capital’s shariah-compliant operations will focus on the real estate industry with the aim of integrating and aligning the strategy of Amaar Real Estate. The new entity will operate under the regulations of the relevant authorities.

Ammar capital will have leadership with unique competencies and a strategic competitive advantage through the deployment of modern Fintech tools to facilitate its operations and serve its investors and partners.

The Saudi economy has witnessed rapid development since the launch of the promising Vision 2030, which paved the way for structural changes in government procedures, regulations and laws. 

This has resulted in the comprehensive modernization of the services provided by both the public and the private sector.

The largest non-oil industry of ¶¶Òõ¶ÌÊÓƵ, real estate, is an integral part and a significant driver of the overall economy of the Kingdom, enjoying great financial strength and a pioneering organizational structure formed in the past few years.

The Saudi real estate market is expected to witness remarkable improvement in the coming years, supplemented by a large infusion of quality government and private projects.