Al Arabia joins hands with SCAI to set up new firm

11/07/2024 Argaam
Logo ofArabian Contracting Services Co. (Al Arabia)

Logo of Arabian Contracting Services Co. (Al Arabia) 

Arabian Contracting Services Co. (Al Arabia) announced the establishment of Alarabia Alliances for Smart Advertisement, as a special purpose company in partnership with Saudi Company for Artificial Intelligence (SCAI). The new entity aims to establish, operate and maintain outdoor billboards in Riyadh.

 

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Hedqaurtered in Riyadh, Alarabia Alliances for Smart Advertisement is a limited liability company with a capital of SAR 1 million. Al Arabia owns 90% of the new firm and SCAI holds 10%.

 

The establishment of this company aligns with the conditions of the contract signed with Remat Al-Riyadh Development Co. to establish, operate and maintain outdoor billboards in the Saudi capital as previously announced.

 

The contract value is based on sharing the project's revenue according to predetermined percentages or a minimum guarantee of SAR 1.52 billion annually (excluding VAT), whichever is higher.

 

Starting from the sixth year of the contract until its end, a 10% increase will be applied to the annual minimum guarantee and the percentage of the project's revenue.

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