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ADVERTISING-
Al Arabia secures leasing rights for advertising spaces of Riyadh’s public transport: Outdoor advertising firm Arabian Contracting Services (Al Arabia) was awarded a contract — with SAR 563.2 mn in revenue sharing and contracting fees — by the Royal Commission for Riyadh City to lease the advertising spaces of Riyadh’s King Abdulaziz Public Transport Project, including trains and buses, it said in a disclosure to Tadawul. The 10-year contract is yet to be sealed.
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M&A WATCH-
Budget Saudi subsidiary wraps majority stake acquisition in UAE arm of Overseas Development: Aljozoor Alrasekha Trucking (Rahaal), a subsidiary of vehicle rental firm United International Transportation Company (Budget Saudi), finalized the acquisition of a 70% stake in the Emirati arm of freight forwarder Overseas Development Company for AED 7.8 mn, after negotiating down the original AED 13.3 mn consideration, Budget Saudi said in a disclosure to Tadawul.
REMEMBER- Rahaal signed a sale and purchase agreement with Overseas Development earlier this year for the transaction.
REAL ESTATE-
PIF-owned Roshn Group broke ground on Al Manar community, its first mixed-use development in Makkah, according to a press release. The project, which was launched in March, will feature 33k homes and over 150 amenities upon completion. The delivery date of the project has not been disclosed.
REMEMBER- Roshn and National Housing Company signed agreements to give Sakani beneficiaries an avenue to own residential units in the Al Manar and Al Danah communities during the Cityscape Global conference in November.
