Under the patronage of His Highness Prince Dr. Faisal bin Abdulaziz bin Ayyaf, Secretary of the Riyadh Region and Chairman of the Board of Directors of “Riyadh Development Companies,“ the development arm of the Riyadh Region Municipality and strategic enabler for the private sector, the second package of investment contracts in the field of outdoor advertising was signed, with total revenues exceeding half a billion Saudi riyals, as part of the opportunities previously announced under the Riyadh City Advertising Plan.
Three investment contracts were signed with “Faden Advertising Agency”: the first for the construction, operation, and maintenance of billboards on building facades in various parts of Riyadh, and two others for the construction, operation, and maintenance of billboards on public taxis and buses, with total revenue exceeding 442 million Saudi riyals over the entire term of these contracts. Meanwhile, “Naif Al-Rajhi Investment Company” was awarded a contract for the installation, operation, and maintenance of advertising billboards on white lots or buildings under construction or renovation, with total revenue exceeding 41 million Saudi riyals for the full term of the contract.
Abdullah bin Sulaiman Abudawood, CEO of “Riyadh Remat Development,” confirmed that the signing of these contracts is part of the company’s plan to implement high-quality projects in the capital by building partnerships with the private sector based on sustainable business models, that contribute to building a vibrant and prosperous community in the Riyadh region. These contracts also build on previously signed opportunities in the field of outdoor advertising, bringing the total value of the portfolio to over 17 billion riyals—a world record in this field.
For his part, Naif bin Saleh Al-Rajhi, Chairman of the Board of Directors of “Naif Al-Rajhi Investment Company,” said: “The contract signed with “Riyadh Reemats for Development” marks an important milestone for the company in the field of outdoor advertising, through which we aim to develop new advertising landmarks that suit the public’s taste and reflect the actual and dynamic development the capital is undergoing in light of the massive and unprecedented projects it is witnessing; This will contribute to improving the urban landscape in undeveloped areas and buildings under construction or renovation, and we are pleased to partner with the city of Riyadh in raising the overall quality of life.”
Hamad Al-Anzi, CEO of “Faden Advertising Agency,” stated that the agreement signed between “Riyadh Reemats for Development” and “Faden” aims to unlock the potential of the private sector and contribute to accelerating digital transformation, specifically in the outdoor advertising sector, as well as support the public transportation system in the Riyadh region through the operation and maintenance of advertising panels on public taxis and buses in the city of Riyadh.
It is worth noting that in May 2020, the Saudi Council of Ministers issued a decision approving a strategy for the development of outdoor advertising within Saudi cities, as part of the initiatives and programs to achieve the Kingdom’s Vision 2030.
