Saudi Public Transport Company (SAPTCO) said it will sign today a SAR 7.86 billion contract with King Abdulaziz Project for Public Transport, thereby it will supply vehicles and operate transport services for the project.
The ten-year contract will be signed by Saptco and its partner France’s RATP with the Riyadh Development Authority, and will be preceded by 24 months preparation phase.
The joint venture between Saptco (80 percent) and RATP (20 percent) will operate the service as of the fourth quarter of 2016 in three phases, and will run a traffic control center (TCC).
The company expected a positive financial impact in the first year of operation after receiving an initial SAR 471 million, but said the entire impact of the contract has yet to be assessed.
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