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Saudi Qudurat Holding for Development and Spanish COMO have entered into a joint venture agreement to form a new company called COMO Arabia
Headquartered in Riyadh, COMO Arabia will be specialised in supplying logistics and operational services for mega projects such as, but not limited to, railway, water, energy and generation, mining and offshore platform projects, in addition to other infrastructure projects in the GCC countries, the company said in a statement.
Qudurat Holding owns 51 per cent of the new company while Spanish COMO gets 49 per cent ownership, a joint statement said.
The agreement was signed by Qudurat Holding CEO Ibrahim Al Asseri and COMO's CEO Alejandro Alvarez.
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 US$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 ambitious 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 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," Asseri said.
COMO CEO Alejandro Alvarez expressed his happiness to participate and contribute to the promising market in the Arab Gulf region.