BAAN Holding exits Newrest, launches catering ops in NEOM residential project

Logo of BAAN Holding Group Co.

BAAN Holding Group Co. ceased its partnership with Newrest Catering Services Co., a joint venture (JV) formed to provide catering and hospitality services, in which the former held a 50% stake.

In a statement to Tadawul today, March 3, BAAN Holding explained that under the move, it assumed full operational control of all catering projects.

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This shall in turn strengthen its operational capabilities and support 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 further expand into the catering and hospitality sector. It is also focused on optimizing efficiency to ensure high-quality services.

The decision followed its successful launch of catering operations at a residential complex in NEOM, where it achieved high customer satisfaction.

In March 2024, BAAN Holding — formerly Abdulmohsen Alhokair Group for Tourism and Development — established Newrest Catering as a limited liability company specialized in catering, site management, and remote facility management, according to Argaam’s data.

With SAR 100,000 in capital, Newrest Catering was launched in a JV between BAAN Holding and Newrest Group.

In a separate Tadawul filing, BAAN Holding announced the start of catering operations at the NEOM residential complex, under a previously-awarded catering services contract. It has hired skilled personnel and is preparing for the upcoming Ramadan season.

In January, BAAN Holding was awarded a contract to provide catering and hospitality services at a NEOM-based residential complex. The project is operated by Sustainable Services Co., a subsidiary of Almutlaq Real Estate Co. (AREIC), data compiled by Argaam showed.

The six-year catering services contract, valued at approximately SAR 436 million, runs through Dec. 31, 2030. The scope of work includes the provision of food and catering services to the Modern Village residential complex.

The contract value is tied to the occupancy rate and number of residents, it added.