Riyadh – Arabian Contracting Services Company (Al Arabia) signed a one-year licensing contract on 21 September 2023, through its arm Arabiya United for Advertising Service, to install and operate billboards in Alamein City on the North Coast of Egypt.

The contract value is EGP 50.47 million, equivalent to SAR 6.15 million, according to a bourse filing.

Al Arabia will cover 12 sites to install 64 on-road billboards and six locations for digital billboards on bridges, in addition to six sites for unipole billboards, subject to the contract that will be renewed automatically on an annual basis.

In December 2022, the listed firm stated that the due diligence process and the study aspects of cooperation for its project in Egypt were in the final stages to conclude.

Meanwhile, in August this year, the General Authority for Competition approved Al Arabia's acquisition of Faden Media for SAR 1.05 billion.

In the first half (H1) of 2023, the company achieved net profits after Zakat and tax worth SAR 175.86 million as well as revenues of SAR 606.68 million.

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