BAAN Holding exits Newrest, launches catering ops in NEOM residential project
BAAN Holding Group Co. announced receiving a project award to provide catering services at a residential complex in NEOM, at an estimated value of approximately SAR 436 million.
The residential complex is managed by Almutlaq Real Estate Investment Co's (AREIC) subsidiary, Sustainable Services Co.
This move strengthens its operational capabilities and supports its long-term growth strategy. BAAN Holding aims to enhance shareholder value by securing full returns from both current and future projects.
The company reaffirmed its commitment to expanding in the catering and hospitality sector. It is also focused on optimizing efficiency to ensure high-quality service. The decision follows its successful launch of catering operations in NEOM, where it achieved high customer satisfaction.
BAAN Holding—formerly Abdulmohsen Alhokair Group for Tourism and Development—established Newrest in March last year.
The limited liability company specialized in catering, site management, and remote facility management. It was launched with a capital of SAR 100,000 in partnership with Newrest, according to Argaam 's data.
In a separate statement to Tadawul, Ban Holding announced the start of catering operations at a NEOM residential complex. It has hired skilled personnel and is preparing for the upcoming Ramadan season.
The company was awarded a contract in January to provide catering and hospitality services at a NEOM residential complex. The project is operated by Sustainable Services Co., a subsidiary of Almutlaq Real Estate Co. (AREIC).
The six-year contract is valued at approximately SAR 436 million and runs through Dec. 31, 2030.
Under the contract, BAAN Holding will provide food and catering services for the Modern Village residential complex.
The contract value is linked to the occupancy rate and the number of residents, the company added.
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