FINANCIAL NEWS

A USD2.1b bus project by Saptco in Saudi Arabia

06 May 2014

(MENAFN) Saptco, the Saudi Public Transport Co., has been awarded a USD2.1 billion contract to operate and maintain buses in the Saudi capital Riyadh in a joint venture with RATP Dev., the French group, Jordan Times reported.

Saptco indicated that the 10-year deal is worth USD2.1 billion.

It is noted that Saptco and RATP Dev. have signed a strategic partnership in 2010 in order to develop the public transport system in Saudi Arabia, including a tramway and metro system.

In July 2013, Saudi Arabia has awarded three foreign consortiums contracts with a total worth of USD22.5 billion to build a Riyadh metro which aims to help ease traffic congestion in the capital.

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