Public Transport Company (PTC), the joint-venture between Saudi Public Transport Co. (SAPTCO) and RATP Dev signed this month two agreements with Mercedes-Benz and MAN to buy around 1,000 buses for the future Riyadh bus network, RATP Dev said in a statement.
Arriyadh Development Authority has awarded PTC a 10-year contract worth SAR 7.86 million to provide 1,000 modern buses to serve the Riyadh network.
“This project combines the internationally acknowledged expertise of RATP Dev, with the experience and detailed field knowledge of SAPTCO. We will implement all our know-how to offer a high level of service quality and meet the expectations of the Arriyadh Development Authority and passengers,” Khalid Al-Hogail, chief executive officer of SAPTCO and PTC chairman said.
According to data compiled by Argaam, SAPTCO and RATP Dev signed a joint venture agreement to establish the PTC with a capital of SAR 10 million in 2014. SAPTCO owns an 80 percent stake in the company, while the Paris-based partner owns 20 percent.
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