Riyadh Metro naming rights auction raises $278m

      Published on Sunday, 18 November , 2018      107 Views     
Riyadh Metro naming rights auction raises $278m


Riyadh Development Authority (RDA) has announced that it has raised over SR1 billion ($278 million) from its station naming rights auction for the Riyadh Metro network.



The authority has awarded naming rights for eight stations to commercial organisations from Saudi Arabia and the region on the 10-year contracts.

Each of the winning bidders – The Saudi British Bank (SABB); Dr. Sulaiman Al Habib Medical Group; Saudi Telecom Company (STC); Alinma Bank; Bank Abilad; Majid Al Futtaim Shopping Malls Company; Granada Investment Center and SABIC – will see their brands featured as the name of a Riyadh Metro station, a statement said.

At a ceremony, Prince Faisal bin Bandar bin Abdulaziz Al Saud, Governor of Riyadh, unveiled the new map of the Riyadh Metro network, featuring the logo of the winning naming rights partners.

Among additional benefits, sponsors will also be entitled to retail space, advertising and signage within their stations, allowing them to engage with the 3.6 million daily users expected on the metro network.

“Today’s event demonstrates the success of the Riyadh Metro’s first commercial initiative. Our program has broken records and initially raised more long-term revenues than any other public transport naming rights program globally”, said Tariq Al Faris, CEO of the Riyadh Development Authority.

“To have many of the Kingdom’s leading companies participate in such a program demonstrates the important role they believe the Riyadh Public Transit Network will play in citizens’ lives,” he added.

“We had stronger than expected interest in the naming rights opportunity and we are delighted to award eight of the 85 Metro stations to our new commercial partners,” he said.



Once completed, the six lines of the $22.5 billion Riyadh metro will cover a total length of 176 km and 85 metro stations. Phase one is expected to start operations next year.

Keywords:
Category Saudi News | 2018/11/18 latest update at 4:00 AM
Source : Arabian Business | Photocredit : Google
108 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



STEP Conference To Make Its Mark In Saudi Arabia In March
Saudi Arabia Saudi Arabia news

STEP Conference To Make Its Mark In Saudi Arabia In March

STEP Conference is getting all set to launch its first summit in the Kingdom of Saudi Arabia in Riyadh on…

Oman tourists expected to rise to 3.5m by 2023

Saudi Arabia new rules

Property prices continue to fall in key UAE markets

King Salman receives Kuwait’s National Assembly Speaker in Riyadh King

King Salman receives Kuwait’s National Assembly Speaker in Riyadh

King Salman received Kuwait’s National Assembly Speaker Marzouq Al-Ghanim and other members of the Assembly at Al-Yamamah Palace…

Saudi Arabia: King Salman welcomes Lavrov to Riyadh Gulf TV, Saudi Arabia

Saudi Arabia: King Salman welcomes Lavrov to Riyadh

King of Saudi Arabia Salman bin Abdulaziz Al-Saud received Russian Foreign Minister Sergei Lavrov and his Russian delegation…

Saudi king meets Russian foreign minister in Riyadh King

Saudi king meets Russian foreign minister in Riyadh

Saudi Arabia’s King Salman met Russian Foreign Minister Sergei Lavrov in Riyadh on Tuesday, footage on the Russian…

King Salman receives dignitaries in Riyadh King

King Salman receives dignitaries in Riyadh

The Kingdom’s Grand Mufti Sheikh Abdul Aziz Al-Asheikh, senior scholars, ministers and a group of citizens called on…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1990 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government