Saudi SAPTCO inks MoU with KEC to boost investments
The JV will invest in Knowledge Economic City projects
Cars drive past the King Abdullah Financial District in Riyadh, Saudi Arabia December 18, 2018. Image used for illustrative purpose.
REUTERS/Faisal Al Nasser
By Staff Writer, Mubasher
Riyadh – Saudi Public Transport Company (SAPTCO) signed a memorandum of understanding (MoU) with Knowledge Economic City (KEC) in a step to establish a joint venture (JV) to serve both companies’ investment purposes.
The JV will invest in KEC projects, in addition to providing transportation services to residents and visitors, according to SAPTCO’s recent statement to the Saudi Stock Exchange (Tadawul).
Under the deal, SAPTCO will operate and invest in the bus transport station to be established next to Al Haramain train in Medina within Medina Gate project.
Moreover, it will also provide integrated transport services of all types, inside as well as from and to the KEC.
SAPTCO noted that the one-year deal has no financial impact on its financial statements at the current time.
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