Agreement to Achieve Institutional Transformation and Develop the Company's Services

Itqan Real Estate Company and one of the internationally connected consulting firms (Dar Al-Khaleej for Economic Research and Consulting) an agreement to prepare Itqan Real Estate for a private placement and convert it into a closed joint-stock company. This is a developmental step taken by Itqan Real Estate in line with Saudi Arabia’s Vision 2030, which aims to enhance services for citizens and investors in the real estate market of the Kingdom of Saudi Arabia.

At the agreement signing ceremony, Itqan Real Estate was represented by His Excellency Mr. Abdulaziz bin Fahd Al-Rashid, Chairman of its Board of Directors, while Dar Al-Khaleej for Economic Research and Consulting was represented by His Excellency Dr. Tawfiq bin Abdulaziz Al-Suwailem, in the presence of board members from both companies, a number of business leaders, and representatives from various media outlets.

The agreement aims to chart a roadmap to ensure the quality of outputs and services provided to beneficiaries of Itqan Real Estate’s services—as a leader in real estate marketing in the Kingdom of Saudi Arabia—with the participation of the advisory team from Dar Al-Khaleej for Economic Research and Consulting, and to identify operational mechanisms and service delivery methods, in addition to a comprehensive strategic plan for institutional transformation and the transition to a closed joint-stock company, as well as the development of human resources and the automation of all the company’s operations.