Riyadh, January 25, 2023, SPA — The Mayor of the Riyadh Region and Chairman of the Board of Directors of Remat Al-Riyadh Development Company, Prince Faisal bin Abdulaziz bin Ayyaf, announced this morning that Remat Al-Riyadh Development Company–the developmental arm of Riyadh Region Municipality–has offered the most significant investment opportunity of its kind in the region to invest in outdoor advertising in Riyadh city, in partnership with the private sector, via the “Furas” municipal investment portal.
This opportunity is considered unique in terms of its size, innovative business model, and economic impact, as it comes as part of the advertising master plan for Riyadh City, which was previously announced. This opportunity is based on the creative and innovative aspects of improving the urban landscape and raising the quality of life. It is also primarily based on increasing the quality standards of models and technologies used in outdoor advertising and strengthening the management of municipal assets, in addition to contributing to the unification of the advertising identity of Riyadh in line with its urban pattern and development trends, to establish a new stage in developing the concept of outdoor advertisements.
Moreover, this investment opportunity includes building, operating, and maintaining outdoor billboards of different formats, in addition to developing several digital zones. It also focuses on operational excellence by having the highest technical, environmental, security, and safety standards, as well as comprehensive evaluation criteria to measure the expertise and capabilities of the potential investors to manage and operate the project with quality and efficiency per the best international practices followed in the sector.
Building and strengthening extended partnerships with the private sector is essential because the contract period reaches ten years, attracting long-term strategic investments. This is to contribute to unleashing the potential of Riyadh region by upgrading the level of municipal services and projects that aim to improve the urban landscape, raise the quality of life for the residents and visitors of Riyadh region, and achieve sustainability in the urban development of the region. It is also considered the first in a series of investment opportunities launched by Remat Al-Riyadh Development Company, as it comes within the framework of what the company announced upon its launch by offering many possible investment opportunities to enable private-sector participation.
19:11 LOCAL TIME 16:11 GMT