Saudi public transport companies team up to create US$ 533 million joint firm

A number of Saudi public transport companies have begun forming alliances to create a joint mass passenger transport company with a capital of about SR 2 billion (US$ 533.3 million), as per newswires.
The new company will first operate in major cities then will gradually expand its activities to other parts of the country. Once it gets the franchise and wins the contracts, the new firm will become a public shareholding company by offering part of its shares on the local bourse.
The MENA Weekly Monitor – Bank Audi
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