Saudi real estate group Amaar signs consultancy deal with McKinsey

Saudi-based Amaar Real Estate Company has signed an agreement with globally leading consulting firm McKinsey & Company to help develop a strategy and business plan for the establishment of its new entity, Amaar capital.

 Its shariah-compliant operations will focus on the real estate industry with the aim of integrating and aligning the strategy of Amaar Real Estate, said the company in a statement.

 Amaar capital will have leadership with unique competitencies and a strategic competitive advantage through the deployment of  modern fintech tools to facilitate its operations and serve its investors and partners, it stated.

 The new entity will aim to exploit the significant developments in the real estate industry of Saudi Arabia.

 Amaar Real Estate Board Chairman Abdulhadi Al Qahtani said the move was in line with the Saudi Economic Vision 2030, emphasizing the neccessity of creating a sustainable and prosperous economy.

 It would be the beginning of fruitful 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 provided by both the public and the private sector.

 The largest non-oil industry of Saudi Arabia, 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.

 Therefore, unique and unprecedented opportunities are emerging for organizations that operate according to advanced & effective systems, as well as a  high regard for corporate governance.