Barloworld Logistics has terminated a memorandum of understanding (MoU) with United International Transportation Co.’s (Budget Saudi) subsidiary Solid Roots, which aimed to establish a logistics company in Saudi Arabia, the car rental company said a statement to Tadawul.
In a letter of intent received by Budget Saudi on Monday, the global supply chain solutions provider ruled out plans to set up a company in the kingdom.
However, the firm did express its interest in hiring Budget Saudi’s subsidiary Rahal as its agent in the country for a six-month period. Contracts for the proposed agreement would be prepared by Barloworld, the statement added.