Saudi Basic Industries Corporation (SABIC) has been awarded, among others, a ten-year contract for Riyadh Metro naming rights, Arriyadh Development Authority (ADA) said while announcing the winning bids for eight stations.
Other winners include Saudi Telecom Co. (STC), Bank Albilad, Saudi British Bank (SABB), Alinma Bank and others.
The contracts awarded were valued at SAR 1.05 billion, which will be directed to the project’s development in partnership with the private sector, while cutting its operating costs, Saudi Press Agency has reported, citing ADA chief executive officer, Tariq Al Fares.
Arriyadh Development Authority (ADA), the entity responsible for delivering the metro project, was offering naming rights on ten stations, out of a total of 85, Argaam previously reported.
According to the Riyadh Metro website, the program will "open the door for the private sector to participate in the long-term sustainability of the Kingdom’s first public transit system."
The Riyadh Metro will span 176 kilometres and include 85 stations when completed. A bus network will complement the metro with 24 routes, running 1,083 kilometres and stopping at 776 stations.
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