Abdulaziz Alsaghyir Holding Company has entered into a partnership with Abdul Mohsen Al Hokair Trading Group and established “Qudurat Development Holding Company” for investing in infrastructure projects and services in Saudi Arabia. Hisham Alsaghyir is named as chairman of the new company.
Qudurat will focus primarily on Airports Management and Operations, water, and renewable energies.
Alsaghyir underscored that the establishment of the new company falls in line with the ambitious expansion plans of Abdulaziz Alsaghyir Holding Company and Abdul Mohsen Al Hokair Trading Group. The partnership is also in line with the strategy of broadening their base, developing their business and expanding into new sectors, he noted, which consequently enhances the Kingdom’s privatization efforts and strengthen the sector with huge investment opportunities.
The new holding company has earmarked SR5 billion in the first three years of its operation to implement and manage technical-related projects in the infrastructure sector.
The initial several billion riyal capital outlay is aimed at achieving a myriad of corporate objectives, such as maximizing the added value to national economy, establishing specialized companies in collaboration with international technical partners, transferring knowledge and technologies to the Kingdom and increasing the non-oil foreign investment in Saudi Arabia that would eventually create jobs for Saudi youth.
Qudurat Holding chairman said: “We’re really delighted to partner with Abdul Mohsen Al Hokair Trading Group in the establishment of Qudurat Holding Company. In its first phase, the new company shall mainly focus on the Saudi market given the size of its infrastructure privatization sector and also in order to fulfill the local requirements.” Nonetheless, “Qudurat Company shall later expand its scope of activities to include the rest of GCC countries,” he pointed out.
Commenting on the positive role that the new company can play in the privatization of the infrastructure sector, Alsaghyir stressed that Qudurat will effectively contribute to the beneficial development of the projects. Moreover, he assured that the company will definitely attract foreign direct investment in advanced technology projects, thereby furthering the wheel of economy.
Besides, Alsaghyir also disclosed that Qudurat plans to acquire shares in different companies, aside from establishing a company specialized in the fields in which it operates in collaboration with international technical partners.
“Qudurat Holding’s establishment is enshrined in certain aspirations that obliges it, in the next period, to concentrate on achieving qualitative addition to two important fields. The first is capitalizing on quality and excellent performance in all infrastructure projects under management. The second is creating a unique model integrating advanced technology and performance excellence by adopting the best accredited global standards,” Alsaghyir added.