BAAN Signs SAR 436 Million Catering Contract with Sustainable Services for NEOM Residential Complex

BAAN Holding Group Company announced on Wednesday the signing of a SAR 436 million contract with Sustainable Services Company, a subsidiary of Al Mutlaq Real Estate Investment Company (AREIC), to provide catering and food services for one of the residential complexes in NEOM.

The agreement covers the Modern Village Complex, one of NEOM’s residential villages, and includes the provision of catering, food, and nutrition services. The project duration is six years, and payments will be based on the actual number of residents and occupancy rate.

In a statement published on Tadawul, BAAN Holding stated that this step aligns with its strategy to expand in the catering sector and diversify its investment portfolio. The company expects the financial impact of the contract to appear in Q2 2025.