Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) concluded an exclusive agency agreement with Al Bait Development and Constructions for media and advertising services in The Clock Towers shopping centre in Makkah, the company said in a statement to Tadawul.
The agreement was concluded to activate and develop advertisements inside the center, including the installation of the largest indoor display screen (3D) in Saudi Arabia, which will be located in the main lobby of the center, to develop the aesthetic aspects of the digital advertisements of The Clock Towers shopping centre.
The agreement will be valid for five years, starting from May 10, 2023, to be renewed for another five years by a written agreement to be signed between the two parties 60 days before the end of the agreement.
Al Arabia also indicated that the related financial impact will reflect on its financial results starting from the third quarter of 2023, as revenue from the operations resulting from this agreement will be shared between the parties according to previously agreed-upon ratios.
All institutional and other required procedures have been taken, the statement said, adding that all governmental approvals and other necessary approvals have been obtained to allow the conclusion, delivery, and implementation of this agreement in line with the terms and conditions specified for it.
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