Elm wins SAR 56.8 mln service contract from RER

Logos of Elm Co. and National Real Estate Registration Services Co. (RER) 

Elm Co. won a contract from National Real Estate Registration Services Co. (RER) to develop and operate a digital platform to provide real estate registry services, at a total value of SAR 56.83 million (VAT inclusive).

The contract, signed today, June 18, is valid for four years and three months, the company added.

It expects the related financial impact to be reflected as of Q2 2023.

Elm's CEO Abdulrahman Saad Alhadhi has an indirect interest in the deal, being a board member in RER.

RER is a Saudi company wholly owned by the Public Investment Fund (PIF), which aims to carry out the operational works and specializations related to property registration.

It was established as part of PIF's strategy aimed to expand economic opportunities in local sectors, thus contributing to advancing the confidence levels in the real estate sector, boost transparency and access to real estate ownership data, achieve higher efficiency for the property sector and increase its attractiveness for investments locally, regionally and globally, as per objectives of Vision 2030.