Riyadh Airports and SAL Announce $122 Million Deal to Elevate Cargo Facilities

Riyadh Airports and SAL Announce $122 Million Deal to Elevate Cargo Facilities

By Staff Writer, 22 May 2024

Saudi Logistics Services Company (SAL) has recently finalized a significant agreement with Riyadh Airports Company, marking a substantial investment in the nation's aviation infrastructure.

The deal, valued at SAR 458 million ($122 million), focuses on the lease and enhancement of air cargo facilities within the Cargo Village at Riyadh's King Khaled International Airport.

According to an official disclosure to the bourse, the agreement, signed on May 21st, outlines plans for the development of approximately 90,000 square meters of air cargo infrastructure over a span of 20 years.

This collaboration is poised to bolster the airport's logistical capabilities, serving as a pivotal hub for cargo operations in the region.

SAL anticipates an investment of SAR 350 million in the project, with the potential for lease cost reductions totaling up to SAR 500 million throughout the agreement's duration.

The partnership underscores a commitment to advancing Saudi Arabia's position in the global logistics landscape, fostering economic growth and efficiency within the aviation sector.

Source: Mubasher

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