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Arabian Contracting Services Co. (Al Arabia) signed an exclusive agency agreement for advertising services with Elan Media Advertising, a leading media group that owns and operates various outdoor and indoor advertising and media platforms in Qatar, Al Arabia announced in a bourse filling.
Under the agreement, Al Arabia will act as Elan’s sole representative for outdoor advertising. It will be also granted exclusive rights to locate and attract customers and businesses in Saudi Arabia, Egypt, Bahrain, and Kuwait during the FIFA World Cup 2022 to be hosted by Qatar.
Moreover, all advertising inquiries made by local customers and their agencies in these countries will be through Al Arabia, which will also prepare commercial offers and media plans with Elan.
On the other hand, Elan will hand over the media and advertising platforms during a specific period in accordance with terms of media plan approved and accepted by both parties for each customer.
The agreement, which took effect from the signing date, is valid until Dec. 31, 2022. It may be extended or modified through a mutual written agreement between the two parties.
The relevant financial impact will be reflected starting from the fourth quarter of 2022, as the income from the operations resulting from this agreement will be shared between the parties (Revenue-Share model) according to previously agreed percentage.
All corporate and other required actions were taken. All governmental and other approvals required for the agreement to be signed, delivered, and executed under the terms and conditions specified herein were also obtained, Al Arabia concluded.
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