Budget Saudi inks SAR 40 mln car lease deal with SABIC

Logo of United International Transportation Co. (Budget Saudi)

United International Transportation Co. (Budget Saudi) signed a long-term car rental services contract with Saudi Basic Industries Corp. (SABIC).

The contract, valued at SAR 39.9 million, was awarded on Oct. 25, 2023, the company said in a statement to Tadawul.

Under the contract, Budget Saudi will lease 263 vehicles to SABIC for four years, with a 12-month auto-renewal. The contract is expected to have a positive financial impact on Q1 2024 financials.

The contract is part of the company’s expansion and strategic plans, aiming to boost operations and deliver quality services to business and government partners.