Arabian Contracting Services Co. Announces Signing a Contract with Sela Company for ''Investment, Sale and Marketing of the Exclusive Advertising Rights for the Boulevard World Project in Riyadh City''.
| Element List | Explanation |
|---|---|
| Introduction | On Tuesday, 07-11-2023 corresponding to 23-04-1445, Arabian Contracting Services Co. signing a contract with Sela Company for investment, sale and marketing of the exclusive advertising rights for the Boulevard World Project in Riyadh City. The duration of the contract is 3 years, renewable after approval of both parties in accordance with the terms and conditions of the contract, this contract is based on sharing a percentage of the value of the financial returns (net revenue and marketing).
Sela Company was established in 1997 and is owned by the Saudi Public Investment Fund (PIF). The company has developed entertainment facilities across the Kingdom of Saudi Arabia, in addition to being a Saudi company that owns and operates a number of locations including Via Riyadh, Boulevard Riyadh City, Boulevard World, Riyadh Exhibition, Conference Center, and other locations in Jeddah City.
It is worth mentioning that the Boulevard World area is an entertainment area that includes various experiences from 10 countries around the world, also includes the largest artificial lake, and it is one of the areas affiliated with the Riyadh Season activities with a capacity up to 3,000 visitors each hour. |
| Date of Announcement of the Award | 2023-11-07 Corresponding to 1445-04-23 |
| Contract Subject Matter | A Contract for Investment of Exclusive Advertising Rights for the Boulevard World Project in Riyadh City. |
| Date of Signing the Contract | 2023-11-07 Corresponding to 1445-04-23 |
| Contract Value | Sharing a percentage of the value of the financial returns (net revenue and marketing) between the parties according to contract terms. |
| Contract Details | The total number of billboards is 99 digital advertising screens of various types, including Sphere billboard with innovative spherical design, 26 Mupi billboards designed creatively inspired by various cities around the world, and 51 wall billboards. Additionally, there are 5 promotional spaces distributed within the corridors of the Boulevard World area. The total advertising size of these billboards is 8,779 square meters. |
| Contract Duration | The duration of the contract is 3 years, renewable after approval of both parties in accordance with the terms and conditions of the contract. |
| Financial Impact and the Relevant Period | The financial impact will be reflected starting from the 4th quarter of 2023. |
| Related Parties | NA |
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