Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) said that its 100%-owned subsidiary Faden Media Co., one won a project for establishing, operating and maintaining advertising billboards on the public taxis and buses in Riyadh. This is the second contract, which was offered by Remat Al-Riyadh Development Co., the development arm of the Riyadh Municipality. Remat Al-Riyadh is responsible for managing the outdoor advertising portfolio.
The project is valid for two years, including a preparation period extending up to 1.2 months, Al Arabia said in a statement to Tadawul.
The project’s business model is based on annual lease payments.
The billboards in this project consist of advertising posters on 500 public taxis or buses.
The two contracts, offered by Remat Al-Riyadh offered for establishing, operating and maintaining advertising billboards on public taxis and buses in Riyadh, were bagged by Faden.
On Jan. 9, the first contract was awarded at a total value of SAR 6.84 million as previously announced on the Tadawul website.
The second contract was awarded on Jan. 10 at a value of SAR 5.8 million. Both contracts are VAT exclusive.
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