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SAUDI ARABIA - Economy

Omar Al-Khudairi


Group CEO, Almutlaq Group (AMG)

Bio

Omar Al-Khudairi possesses over 20 years of experience in privatization, corporate restructuring, and strategy in the key sectors of water and waste water, FMCG, real estate, telecoms, energy, healthcare, and aviation. He currently serves as Group CEO of AMG and Managing Director of Almutlaq Real Estate Investment Company.

“AMG was one of the first believers in Jubail, and we are its icon today.”
AMG Group supports Vision 2030 through partnerships with key entities like Aramco and Red Sea Global, investing in industrial production, and expanding into growing sectors.
Can you elaborate on your role as a “re-structuring CEO” and how you developed the strategy and operating model for AMG Group?

The Almutlaq family business started with furniture before moving into contracting in the 1980s, banking in the 1990s, and industrial ventures. It was also an investment holding that actively invests, albeit in niche investments. Real estate is one of our core focus areas in our portfolio, such as the Red Sea Project. The strategy is to start with niche projects. AMG was one of the first believers in Jubail, and we are its icon today. We are also looking at real estate and privatization with Aramco. It will be a portfolio of niche locations and assets where we will utilize our experience and find the right operators. My overarching goal is to help the company restructure and develop long-term agreements in its portfolio to overcome economic uncertainties. Today, the mission is almost in its final steps. AMG no longer has any family members, and the number of shareholders has changed from 12 individuals to two companies. Now, there is an operating model definition with an investment portfolio that has asset management. We also have a board with a mix of individuals, a nomination and remuneration committee, and an audit committee.

How does AMG Group support Vision 2030 through its involvement in key projects?

Our objectives are aligned with Vision 2030, following the establishment of long-term agreements with key partners. We want to give the right exposure to all the strategic projects that the company is currently promoting and working on. Our objectives address long-term agreements and also touch on Vision 2030. With our exclusive projects, AMG embraces the concept of PPP. We have been working with Aramco for a long time now, having had a 20-year contract with this iconic company. We are pioneering the concept of PPP, and we are applying a new, innovative method and approach to the real estate market. AMG was also the first to establish a joint venture with Red Sea Global. This is a real estate project in hospitality with a different business model and is strategic for us. Thus far, it has been successful in terms of its execution and our relationship with Red Sea, and we are a major champion of the project. NEOM is a strategic project, and AMG has executed 10,000 camp villages with all the necessary amenities, including entertainment, medical, and safety facilities. Another area of investments with great potential is FM, which the group has not invested in or gotten involved in before. We believe FM will be important in the future because of the expected incoming demand and the lack of capabilities in the market. Another area that we are planning to enter related to Vision 2030 has to do with real estate, with a strong focus on entertainment.

Given your emphasis on niche investments and privatization, what specific sectors or industries is AMG Group looking to invest in?

One new door has been created due to Vision 2030 is PPP, which most family businesses are struggling to understand how to operate. From a business model and resourcing point of view, AMG is one of the few groups with the capabilities to reinvent its business. We also support the realization of Vision 2030 with strategic investments focused on the concept of local content, working together with the Ministry of Energy and the Ministry of Industry. We have invested in a group that produces industrial plastic pallets and currently have eight lines of industrial pallets with a Russian developer from Tatarstan. In addition, we are expanding into the Petchem sector in Dubai and are considering a strategic investment in Yanbu that will significantly benefit the country and economy. Looking at our portfolio, it is clear that we are able to identify key market trends around the world and strategically invest in the up-and-coming sectors and industries.

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