BAAN notified by AFM to terminate catering contract for NEOM project

BAAN will continue to fulfill its contractual and operational obligations in its existing projects.

BAAN Holding Group received a written notice from Alfa Facility Management Co. (AFM), a subsidiary of Alfanar Group, on Sept. 14, to terminate the catering services contract for the NRC26 project signed between the two parties.

In a statement on Tadawul, the company said the termination will take effect on Sept. 30, 2026. It will continue providing its services as usual in accordance with the contract's terms until the termination takes effect.

The company added that the termination only affects the catering services contract for the NRC26 project sector and does not currently affect the continuation of its other business or operations in other sectors in NEOM.

BAAN will continue to fulfill its contractual and operational obligations in its existing projects under the signed agreements.

According to data available on Argaam, BAAN signed a project contract with AFM in August 2024 to provide catering services at a residential complex in NEOM, with an estimated value of SAR 760 million.