Saudi Airlines Catering Co. announces the embarking on a contract with Saudi Arabian Airlines Est. for the purpose of design, constructing and operating Alfursan International lounge at the New King Abdulaziz International Airport in Jeddah.

12 February 2019 03:16 PM

CATRION 6004 22.96% 129.60 24.20

Element List	Explanation
Introduction	Saudi Airlines Catering Company (SACC) announces the embarking on a contract with Saudi Arabian Airlines Est. on the 12th February 2019G. The contract shall be for the purpose of design, constructing and operating Alfursan International lounge located at the New King Abdulaziz International Airport in Jeddah. The term of the contract shall be for a term of (10) years, effective upon the opening of the lounge. The provisional value is estimated to be SAR Five Hundred million (500,000,000). SACC expects a positive contribution to be shown in fourth quarter 2019, which will boost the business sustainability by increasing the cash flow and enhancing its business relationship with Saudi Arabian Airlines Est.
Date of announcement of the assignment	2019-02-12 Corresponding to 1440-06-07
Subject of contract	Saudi Airlines Catering Co. announces the embarking on a contract with Saudi Arabian Airlines Est. for the purpose of design, constructing and operating Alfursan International lounge at the New King Abdulaziz International Airport in Jeddah.
Date of contract sign off	2019-02-12 Corresponding to 1440-06-07
Contract Value	Provisional value is estimated to be SAR Five Hundred million (500,000,000
Contract Details	- Design, constructing and operating Alfursan International lounge located at the New King Abdulaziz International Airport in Jeddah. - The term of the contract shall be for a term of (10) years, effective upon the opening of the lounge. - The provisional value is estimated to be SAR Five Hundred million (500,000,000).
Contract Duration	(10) Ten years
The financial impact and period that this project will affect	Fourth quarter 2019
Related Parties	Saudi Arabian Airlines Est.
Additional Information	Saudi Arabian Airlines Company is one of the major shareholders of SACC, and is a related party. The authentication of the contract shall occur at the upcoming General Assembly meeting.

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