Elm signs contract with Ministry of Interior to implement Makkah Route Initiative

25/08/2022 Argaam
Elm Co.'s headquarters

Elm Co.'s headquarters

Elm Co. signed a contract with the Ministry of Interior, on Aug. 24, for the execution of Makkah Route Initiative.

 

The four-month contract is valued at SAR 57.66 million and will have a positive impact on the company’s financial statements for 2022, the company said in a bourse filing.

 

The contract is a related-party transaction as Elm Chairman Raed bin Ahmed and board member Abdullah Alrabeah have indirect interests in the deal.

 

Earlier this month, the company announced that it was awarded a contract worth SAR 57.66 million inclusive of value-added tax (VAT) by the Ministry of Interior for the execution of Makkah Route Initiative, Argaam reported.

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