Dubai: A new player has entered the lucrative Saudi school transport market in the shape of the newly formed Saudi-Emirati Transport Company, an equally owned venture between the Saudi Public Transport Company (SAPTCO) and Emirates Transport (ET).
News of the new enterprise was announced Tuesday on the website of the Saudi Stock Exchange (Tadawul) Company.
The Saudi-Emirati Transport Company, which will be based in Riyadh, was registered under a 50/50 share basis between the two companies and a start-up capital of 100,000 Saudi Riyals (Dh97,927).
Officials say the initial core business of the new company will focus on providing school transport services to public and private sector schools, with scope for future expansion into other transport-related services.
The agreement to form the company was signed on Tuesday by Engineer Khalid Al Hogail, Board Member and CEO of SAPTCO, and Mohammad Abdullah Al Jarman, General Manager of ET.
Engineer Al Hogail said the considerable combined technical and operational expertise of the respective two partners will ensure the new company will have a major impact on the huge Saudi school transport market.
ET general manager, Mohammad Al Jarman, expressed his delight and excitement at the new partnership.
He said: “We’re looking forward to the opportunity of bringing our long-standing experience in transport, and school transport in particular, to a new market and we will work very hard to ensure the new company will achieve the highest international standards and become a role model in the field.”