SAL Saudi Logistics Services Company inked a binding mutual agreement with Riyadh Airports Company at a value of SAR 458 million.

The deal covers the lease and development of air cargo facilities at the Cargo Village in King Khaled International Airport in Riyadh, according to a bourse disclosure.

The two entities penned the deal on 21 May to develop an area of 90,000 square metres of air cargo facilities for 20 years.

SAL expected an estimated investment of SAR 350 million and lease cost reductions of up to SAR 500 million over the period of the agreement.

In the first quarter (Q1) of 2024, the listed company witnessed 99.764% year-on-year (YoY) higher net profits at SAR 208.446 million, compared to SAR 104.34 million.

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