Al Arabia's subsidiary wins SAR 501.5M billboard project in Riyadh

Logo of Arabian Contracting Services Co. (Al Arabia)

Arabian Contracting Services Co.’s (Al Arabia) wholly-owned subsidiary Faden Media Co. won a project to establish, operate, and maintain advertising billboards on the buildings' facades in various sites of Riyadh, according to a statement to Tadawul today, March 27.

This marks the third contract to be offered by Remat Al-Riyadh Development Co. — the development arm of Riyadh Municipality, responsible for managing the capital city’s outdoor advertising portfolio.

The 10-year project entails a preparation period extending up to six months. It is valued at SAR 501.5 million (excluding VAT), the company added, noting that the business model of the project is annual lease payments.

The scope of work includes three separate buildings on the roads and streets of Riyadh, predetermined by Remat Al-Riyadh. The total number of billboards to be installed on the buildings' facades amounts to six fully digital billboards, measuring 40 meters and above each, according to the company.

Al Arabia also indicated that Remat Al-Riyadh has offered a series of investment opportunities for establishing, operating, and maintaining advertising billboards on the buildings' facades in various sites of Riyadh, highlighting that the fourth contract of these opportunities has been also awarded to Faden Media, as previously announced on Tadawul website.