Riyadh – Mubasher: SAL Saudi Logistics Services Company inked a binding mutual agreement with Riyadh Airports Company at a value of SAR 458 million on the sidelines of the Future Aviation Forum 2024, which concludes in Saudi Arabia on 22 May.

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. The listed company forecasts the collaboration will boost cargo capacity and establish smart facilities to achieve the goals of Saudi Vision 2030.

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.