Saudi Qudurat Holding signs JV with Spanish COMO
COMO Arabia will supply logistics services for mega projects in GCC
Saudi Qudurat Holding for Development and Spanish COMO company signed a joint venture agreement to form COMO Arabia that will supply logistics and operational services for mega projects in the GCC.
Qudurat Holding owns 51% while Spanish COMO gets 49% ownership, a joint statement said.
Based in Riyadh, COMO Arabia will target projects in the GCC countries valued at SR500mn in its first three years of operation.
The joint statement also disclosed that the new company has won the logistics and operation of Al-Haramain Rail project in Makkah and Madinah - the first public means of transport with modern technology in Saudi Arabia.
The $1.5bn (SR6bn) project awarded in 2009 is expected to partly go into operation by the start of next year.
COMO Arabia also aims to clinch the logistics and operation contract for the metro and public transport projects which the Kingdom had lately approved, in addition to opportunities available in the industrial complexes particularly in "Waad Al-Shamal" city.
"We're really delighted to partner with COMO Spanish Company for the establishment of 'COMO Arabia'. In its first phase, the new company will focus mainly on the GCC countries given the market enormity in the private sector, development of infrastructure projects and also in order to fulfill the local requirements. The company will later expand its scope of activities to cover the Middle East and North Africa countries," Qudurat Holding CEO Ibrahim Al-Asseri said.