Saudi Public Transportation Company (SAPTCO) said on Wednesday that it inked a contract with France-based RATP Dev Company to establish Public Transportation Co. with a capital of SAR 10 million to operate its Riyadh Buses project.

SAPTCO will hold an 80 percent stake in the new joint venture, which will be internally financed. RATP Dev will hold the remaining 20 percent, the company said in a filing to Tadawul.

According to Argaam, SAPTCO and RATP Dev recently said they signed a SAR 7.86 billion contract with the High Commission for the Development of Arriyadh for the King Abdul-Aziz public transportation project.

The contract stated that SAPTCO and RATP Dec should provide about 1,000 high-specification buses for a period of 10 years after a preparation period of 24 months.

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