Arabian Contracting Services Co. announces that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. has signed a contract with Remat Al-Riyadh Development Company for ''establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the second contract’’
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Arabian Contracting Services Co. on 11-01-2024 Corresponding to 29-06-1445, regarding that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. was awarded a project of establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City - the second contract, which was offered by Remat Al-Riyadh Development Company.
Arabian Contracting Services Co. would like to announce that on Thursday 30-05-2024 corresponding to 22-11-1445, Faden Media Company has signed a contract for establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the second contract, with Remat Al-Riyadh Development Company. |
| Date of Announcement of the Award | 2024-01-11 Corresponding to 1445-06-29 |
| Contract Subject Matter | A project contract for establishing, operating, and maintaining advertising billboards on the public taxis and buses in Riyadh City – the second contract. |
| The Entity with Which the Contract was Signed | Remat Al-Riyadh Development Company |
| Date of Signing the Contract | 2024-05-30 Corresponding to 1445-11-22 |
| Contract Value | The total contract value is SAR 5,795,000 (excluding value-added tax) with an annual lease payment of SAR 3,050,000 (excluding value-added tax), there will be a 10% discount applied to the annual lease payment during the first year of the contract only. |
| Contract Details | The billboards in this project consist of advertising posters on a total of 500 public taxis or buses. |
| Contract Duration | The contract duration is 2 years including a preparation period extending up to 1.2 months. |
| Financial Impact and the Relevant Period | The financial impact will be reflected starting from the fourth quarter of 2024. |
| Related Parties | N/A |
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