Dar Almarkabah signs MoU to operate SAIR app

Logo of Dar Almarkabah for Renting Cars Co.

Dar Almarkabah for Renting Cars Co. signed on Jan. 28 a memorandum of understanding (MoU) with Al Khayar Security for Information Technology to operate the SAIR application.

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In a statement to Tadawul, Dar Almarkabah, which provides intercity transportation services, said the MoU is valid for 12 months from the signing date.

Under the MoU, Dar Almarkabah will set a framework for understanding the initial mutual obligations and rights between the parties, and determine the operating fees and profit-sharing ratio for transactions conducted through SAIR.

The MoU includes several clauses regulating information confidentiality, the company said, noting that the financial impact will be estimated upon the completion of all relevant agreements.

There are no related parties to the MoU.

Any further developments will be announced in due course, the statement added.