Saudi Arabia Public Transport Co. (SAPTCO) will launch operations of Riyadh public transport network in Q4 2020, the company said in a statement to Tadawul.
Riyadh Development Authority has set Q4 2020 for launching operations of King AbdulAziz Project for Riyadh Public Transport, SAPTCO added, citing a letter from its 80%-owned subsidiary Public Transportation Co.
The company added that project costs cannot be currently estimated, as coordination is ongoing with related parties on the required work plan.
According to data compiled by Argaam, SAPTCO signed in late 2014 a contract with France-based RATP Dev Company to establish the Public Transportation Co. with a capital of SAR 10 million to operate its Riyadh Buses project.
SAPTCO owns 80% of the joint venture, while the French company owns the remaining 20% stake.
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