tuder real estate company
Tuder, Al Rajhi Bank’s real estate and property management arm, concluded the reporting period on a note of increased efficiency and higher revenue in a reviving real estate market. In its first year under a new brand identity, the company further consolidated its position in the Kingdom as a leading provider of real estate engineering and consulting services, facility management, real estate documentation and registration, and evaluation of real estate and property.
Maximising synergies for cost efficiencies
Tuder exceeded the set KPIs for 2022, driven primarily by improving processes and efficiencies. This was attributed to the company outpacing its own anticipated service delivery times along with expanding its scope of services with Al Rajhi Bank, monetising the subsidiary’s offerings by penetrating the Bank’s existing real-estate-focused customer base.
Strategic real estate projects delivered in 2022
The Digital Floor
Tuder also contributed to Al Rajhi Bank’s energy management efforts by launching energy-efficiency programmes across its branches and subsidiaries. Solar panels, air conditioner upgrades, window films, power-down equipment and LED lighting among other measures were introduced in 2022 to the Bank’s day-to-day operational structure. This timely intervention by Tuder contributed to significant savings of the Bank’s energy bill for the reporting year.
By the end of the reporting period, Tuder had also implemented much of Al Rajhi Bank’s rebranding initiative across several branches and subsidiaries. Multiple branches were rebranded under the Bank’s new brand identity, and new logos were installed on Al Rajhi Tower in Riyadh – the Bank’s headquarters.
15new branches opened
Improving operational efficiencies
During the year under review, the company continued to institutionalize its procedures through the Enterprise Resource Planning (ERP) software solution, transitioning the company from manual processes and transactions to automated business solutions as part of the overall digital transformation strategy.
Tuder also initiated a Project Management Lifecycle in 2022, ensuring enhancement in planning, monitoring, controlling, evaluation and business continuity. The company streamlined its processes through revised and improved internal Policy & Procedure Manuals and external Tuder-Al Rajhi Bank Service Level Agreements.
All this was complemented by insourcing highly skilled professionals who ably revamped methods of conducting business during the reporting period.
The coming year will see Tuder formulate a new corporate strategy in line with the Group’s strategic direction.
The company will introduce market standard for project management facility management services and will revamp their business model. Tuder also plans to insource safety and security services while also exploring more insourcing opportunities in security solutions.
Tuder’s value engineering process will continue to eliminate unnecessary costs across the subsidiary’s ongoing projects in 2023, while gradually insourcing highly sought-after services through applicable means.
In line with the overarching Group strategy to maximise synergies between the Bank and its subsidiaries, Tuder will capitalise on its expertise and venture into fulfilling the various real estate needs of the Bank. Improving synergies between subsidiaries will also be explored in the immediate future, with Tuder’s existing properties operation and maintenance services being cross-promoted with the Group subsidiaries.