Ibrahim Al-Asseri and Alejandro Alvarez
Saudi Qudurat, Spanish firm launch logistics JV
Riyadh, April 29, 2014
Saudi Qudurat Holding for Development and Spanish Como recently entered into a joint venture agreement to form a new company specialized in supplying logistics and operational services for mega projects in the GCC countries.
Como Arabia will offer services to railway, water, energy and generation, mining and offshore platform projects even in remote areas, in addition to other infrastructure projects.
Qudurat Holding owns 51 per cent of the new company while Spanish Como gets 49 per cent ownership, a joint statement said. Headquartered in Riyadh, Como Arabia targets projects in the GCC countries valued at SR500 million ($133 million) in the first three years of its operation.
The agreement was signed by Qudurat Holding CEO Ibrahim Al Asseri and Como’s CEO Alejandro Alvarez on the sidelines of Airline Catering Exhibition held in Hamburg, Germany.
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 SR6 billion ($1.5 billion) project awarded in 2009 is expected to partly go into operation by the start of next year.
Moreover, Como Arabia aims to clinch the logistics and operation contract for the metro and public transport projects which Saudi Arabia had lately approved, in addition to opportunities available in the industrial complexes particularly in “Waad Al-Shamal” city which strategic projects were launched earlier this year.
Como Arabia also anticipates participation in projects in the GCC countries especially in the UAE and Qatar as part of their preparations to host Expo 2020 and the 2022 World Cup, respectively.
“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,” Al-Asseri said.
Alvarez said that Como had previously implemented major contracts in Europe, Asia and South America and that it currently seeks to geographically expand in order to start establishing successes in the Mena region. – TradeArabia News Service