(MENAFN- Edelman) Riyadh, Saudi Arabia, 28th November 2022 – King Abdullah Financial District Development & Management Company (KAFD DMC) has been honoured with the prestigious Procurement Excellence Programme (PEP) by the Chartered Institute of Procurement & Supply (CIPS).
PEP is a globally-recognised award presented to those organisations demonstrating excellence in their procurement and supply chain activities. The award drives regular improvements, value across supply chains and highlights procurement’s role as a fundamental part of an organisation’s strategy and effectiveness.
KAFD DMC's procurement team accomplished this feat in just five months, a distinctive accomplishment benchmarked against the wider industry. KAFD DMC is only the second company in the Kingdom to achieve this standard. The award was presented at a special ceremony attended by Gautam Sashittal, the Chief Executive Officer of KAFD DMC, and Sam Achampong, Managing Director CIPS in the KAFD Conference Centre.
KAFD DMC is a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund and oversees the development of King Abdullah Financial District. KAFD is a landmark project and a key driver of Riyadh’s economic ambitions. Set in the heart of the capital, KAFD is home to 1.6 million square meters of state-of-the-art office space, world-class entertainment venues and iconic luxury residences.
CIPS is the world’s largest professional body for procurement and the supply chain in most regions of the world. It is the standard bearer for the industry in terms of defining and promoting best practices. Recognising robust and effective governance processes, the CIPS Procurement Excellence Programme is an independent and comprehensive assessment of organisation’s procurement functions, which is designed and delivered by world-class, leading specialists.
Gautam Sashittal, CEO of KAFD DMC, said, “The award is a testament to KAFD's commitment to making sustainable practices central to the district's supply and management. As the world’s largest LEED-certified neighbourhood, KAFD is committed to maintaining high standards of energy efficiency and reducing water use, as well as ensuring sustainable practices across procurement processes. This award from CIPS is yet another stamp of global credibility on KAFD’s international reputation in this regard. We are immensely proud of our team for achieving this award in record time.”
Sam Achampong, Managing Director CIPS, explained, “This award recognises the hard work of talented professionals in the industry, and increases their credibility. The subject of sustainability is gradually being integrated into every segment of industries, which has helped strike meaningful collaborations, and attract excellent vendors.”
Situated in Riyadh, KAFD is an iconic business and lifestyle destination with state-of-the-art physical and digital infrastructure. The destination is owned and managed by King Abdullah Financial District Development and Management Company (KAFD DMC), which was established in 2018 and is a wholly owned subsidiary of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia. KAFD’s 94 towers, designed by 25 world-leading architectural firms, are reshaping the skyline of Riyadh. The vibrant mixed-use district offers a range of experiences across its area of 1.6 million square meters and is the largest development globally to achieve LEED Platinum certification, the highest accreditation from USGBC (U.S. Green Building Council), which recognizes KAFD as a global leader in sustainability.
About Chartered Institute of Procurement & Supply (CIPS)
The Chartered Institute of Procurement & Supply (CIPS) is the leading international body representing purchasing and supply management professionals. With over 64,000 members in 180 countries, CIPS is the worldwide centre of excellence on procurement and supply management issues. Our purpose is to inspire and empower procurement professionals to drive the transformation of supply chains for a more ethical and sustainable society. The activities of procurement professionals have a major impact on the profitability and efficiency of all types of organisations. CIPS offers corporate solutions packages to improve business profitability.
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