Major Saudia Arabia contract win
ALSA subsidiary wins eight-year contract in Saudi Arabia with €500 million revenue, operating 156 vehicles including 126 electric.
- Contract value €500 million revenue
- Contract duration eight years
- Vehicles to operate 156
- Electric vehicles 126
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Mobico Group Plc ("Mobico") is pleased to announce that its ALSA subsidiary, as part of a Joint Venture, has won an eight-year capital-light contract in the Kingdom of Saudia Arabia, with a total contract value of €500 million revenue.
The contract, which will be run with a local company, includes the operation of 156 vehicles, 126 of which will be electric, serving Qiddiya, a new city on the outskirts of Riyadh. Qiddiya is one of Saudia Arabia's key strategic projects and is expected to become the largest entertainment destination in the country.
The contract involves the operation of Park & Ride facilities and shuttle services connecting Riyadh and Qiddiya.
This contract win builds on ALSA's existing presence in Saudi Arabia, where it began operating in October 2023, providing long-haul, intercity services across the southern region of the country.
Phil White, Executive Chair of Mobico, said: "This new contract, which meets our disciplined return hurdles, strengthens Mobico's presence in the Middle East and showcases ALSA's ability to win competitive contracts in large-scale overseas projects, positioning ourselves as a leading operator of innovative, sustainable transport services."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.