RIYADH: Dar Al Arkan, one of Saudi Arabia’s largest real estate developers, has acquired a Dubai-based project consulting firm, Compass Project Consulting.
In an exclusive interview with Arab News at the Future Hospitality Summit, Spencer Wylie, CEO of Compass Project Consulting, confirmed the buyout.
According to Wylie, the rationale behind purchasing Compass Project Consulting is twofold.
One, it allows Dar Al Arkan to venture into the fast-growing project management space. Two, it equips the real estate giant to bid for the upcoming megaprojects as a project consultant.
Dar Al Arkan wants to approach the larger mega developers, the Public Investment Fund, and other giga programs as a project management company and not just a residential developer.
Spencer Wylie, CEO of Compass Project Consulting
“Dar Al Arkan wants to approach the larger mega developers, the Public Investment Fund, and other giga programs as a project management company and not just a residential developer,” Wylie told Arab News.
With regional coverage and multi-sector expertise, Compass offers clients fully tailored project development solutions that can take an initial concept through to construction completion and handover.
Widely known within the construction, fit-out, engineering and design industries, the company provides a turnkey project consulting service to clients of all sizes. The buyout assumes significance as both companies had entered into a strategic partnership late last year.
Wylie added that the growth of the tourism sector in the Kingdom has been phenomenal and well-grounded around Vision 2030.
The company saw COVID-19 as an opportunity to start consolidating with their clients and get their assets out to the market quickly as soon as the market rebounded.
“Sustainability will remain a key factor of expansion into the Kingdom and as the company aims to develop more assets in the Kingdom,” said Wylie.