Knowledge Economic City on Monday signed a memorandum of understanding (MoU) with Saudi Public Transport Co. (SAPTCO) to mull establishing a joint venture to serve both companies’ investment purposes.
The potential JV will invest in Knowledge City projects and provide transportation services to residents, visitors and pilgrims.
The intended company will exclusively operate and invest in the bus transport station to be established next to Al Haramain train in Medina within Medina Gate project. It will also provide integrated transport services of all types, inside as well as from and to the KEC.
The MoU has a term of 12 months from the signing date and no related parties are involved in the deal, both companies said in bourse statements.
The agreement has no financial impact on both companies’ financials at the current time, the statements added.
In March, KEC said it completed the initial feasibility study of Medina Gate project and started the project’s initial designs.
The project is intended to develop the land on Prince Nayef Road by Al Haramain railway station in Medina.
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