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Eye of Riyadh
Business & Money | Saturday 1 June, 2024 3:52 pm |
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Remat Al-Riyadh inks outdoor advertising investment contracts

Remat Al-Riyadh Development Company, the development arm of the Riyadh Region Municipality and a strategic enabler for private sector involvement in municipal development, has signed the second batch of outdoor advertisement investment contracts, unlocking a total revenue of more than SAR 500 million. Signed under the auspices of HH Prince Dr. Faisal bin Abdulaziz bin Ayyaf, the Mayor of the Riyadh Region and the Chairman of the Board of Directors of Remat Al-Riyadh Development Co, the contracts are part of the previously announced advertising master plan for Riyadh City.

 

Three investment contracts were signed with Faden Media, including one for the construction, operation, and maintenance of billboards on building facades across different areas of Riyadh City. The remaining two contracts involve the construction, operation, and maintenance of transit advertisements on public taxis and buses. The deals yield a total revenue of more than SAR 442 million throughout the contract duration. Naif Alrajhi Investment Company was also awarded a contract to construct, operate, and maintain advertising billboards on white lands or buildings under construction or renovation, with total revenues of more than SAR 41 million throughout the contract duration.

 

CEO of Remat Al-Riyadh Development Co, Abdullah bin Sulaiman Abudawood, stated: “The awarding of the contracts is part of our plan to develop landmark projects in the capital by establishing partnerships with the private sector based on sustainable business models that support a vibrant and prosperous society in the Riyadh Region. These contracts are an extension to the opportunities previously signed in the field of outdoor advertising, bringing the value of the contracts’ portfolio to more than SAR 17 billion, the biggest worldwide in this field.

 

The Chairman of the Board of Directors of Naif Alrajhi Investment Company, Naif bin Saleh Alrajhi, said: “Our contract with Remat Al-Riyadh Development Co. is a key milestone for us in the field of outdoor advertising. Through this agreement, we aim to develop new advertising features that appeal to the public and reflect the capital’s vital development journey in light of the unprecedented mega-projects. This enhances the urban landscape in white lands and buildings under construction or renovation. We are delighted to be partners of Riyadh City in improving the quality of life.

 

Faden Media CEO Hamad Al-Enezi stated: “The collaboration between Remat Al-Riyadh Development Co. and Faden Media will help unlock the private sector's potential and contribute to accelerating digital transformation, particularly in the outdoor advertising sector. The project will also support the Riyadh Region’s public transportation ecosystem by operating and maintaining transit advertising across public taxis and buses in Riyadh City.

 

In May 2020, the Council of Ministers approved the Outdoor Advertising Strategy for Saudi cities as part of the vision realization programs of Saudi Vision 2030.

 

- Ends –

 

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