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Saudi Arabia Report
Marcopolis presents the Saudi Arabia Report focused on the investments, doing business, economy and other topics featuring interviews with key executives. The sectors under review in this issue are industry, real-estate, ICT, investments, banking sector, telecom sector and many more.
VideosNovember 08, 2021
Tamear: The Dedicated Construction Arm of Leading Saudi Real Estate Company Al Akaria
- Written by Sandra Francisco
- Published: November 08, 2021
Mohammed Al Mymuni, CEO of Tamear, explains how the company came about to be the dedicated construction arm of Al Akaria and mentions some of Tamear’s competitive advantages.
"Al Akaria, our parent company, initiated a lot of companies as subsidiaries to be their arm in those sectors. For example, Tamear is the arm for construction. They have another company for infrastructure and another company established in facility management. They have a lot of subsidiaries to serve them in a specific area of business. In 2016, they made a partnership with a Turkish company who would share 60% to Al Akaria and 40% to the Turkish side. By the end of 2020, Al Akaria took over the company and now we are 100% owned by Al Akaria. Al Akaria is a listed company. It is the first real estate company in the region, not only in Saudi Arabia, with more than 46 years. The majority of the ownership, around 65%, is by the PIF (Public Investment Fund). The rest is for the public because it is a listed company. We are focusing on construction for Al Akaria and for others. Since 2016, we have built most of the Al Akaria projects. We can call it an income generator for Al Akaria. We are not just depending on Al Akaria projects but also, we are working beyond Al Akaria projects. Now, we are restructuring the company. We have a new strategy, we have a new business area, we have to focus on some of our strengths in some businesses, and we are looking for and working with our new alliances and new partners in the sector. Since I took over as CEO of Tamear in January 2021, we have been working with my team to put Tamear in a good position in the Saudi construction market", says Mohammed Al Mymuni.
"We have a very good reputation in the market. We do our projects with quality and we control our time and schedule for our customers. This is one of the unique values which we stick with in Tamear which gives us that advantage in the market. The market is very competitive. There are a lot of players in the market. We are powerful. We try to find our place in this market. We have to put our foot in this market in a very good position over the next coming years. Tamear has a lot of values such as time, quality, and teamwork which makes our customer’s life easier. Of course, we have good support from our mother company and the PIF. We have good access for those mega projects around us and we are participating in all of those mega projects. We are qualified in all the mega projects and we are working with them every day to be sure we are their best choice for construction", he adds.
For more information, please visit: www.saudiconstruction.com.
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