Opening of a Joint Venture Company which will contribute to the Properties Management and Maintenance industry of Kingdom of Saudi Arabia.

As of 5th of February 2018 in Riyadh, a ceremony was held to celebrate the opening of Saudi-Korean Company for Maintenance and Properties Management(“Mumtalakat”), areal estate management company invested by Saudi Real Estate Company(“Al Akaria”), POSCO E&C Saudi Arabia(“PECSA”) and POSMATE which is South Korea’s leading property management company.

Nearly 30 guests including Mr. Abdulrahman Al Mofadhi, Chairman of Al Akaria, Mr. Mamdouh Saud Al Sharhan, Chairman of Mumtalakat, Pyung Ho Kwon, the Korean ambassador in Saudi Arabia,Mr. Myung Ju Choi, CEO of POSCO E&C Saudi Arabia,Mr. Gunjae SON, CEO of POSMATE, were attended to celebrate opening of Mumtalakat.

This joint venture will contribute to the realization of one of the major aspirations of Saudi Vision 2030, namely achieving economic prosperity by boosting our investment capacity, diversifying the economy and creating jobs for Saudi nationals. It will help strengthen our economic growth and attract world-class quality investments thanks to our strategic partnership and technical tie-up.