Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) established a special purpose company Alarabia Alliances for Smart Advertisement, according to a bourse disclosure.
The limited liability company was created in partnership with the Saudi Company for Artificial Intelligence (SCAI) to operate and maintain outdoor billboards in Riyadh.
Alarabia Alliances has a capital of SAR 1 million, where 90% is owned by Al Arabia, while the remaining 10% equity is owned by SCAI.
The new entity aligns with the conditions of the contract signed with Remat Al Riyadh Development Company to establish, operate and maintain outdoor billboards in the Saudi capital.
In the first quarter (Q1) of 2024, Al Arabia logged 11.01% year-on-year (YoY) higher net profits at SAR 100.82 million, compared to SAR 90.82 million.
