Riyadh – Mubasher: Saudi Airlines Catering Company (SACC) said it entered into a consortium agreement to operate and manage the duty free in King Fahad International Airport in Dammam.
The consortium comprises SACC, Lagardere Travel Retail and Arabian Ground Handling Logistic Co.
The provisional value of the capital expenditure is estimated at SAR 15 million, while the agreement will be financed through SACC's cash flow in line to its shares of the consortium, noted the bourse filling.
The consortium will carry out operating and managing the duty free shops in King Fahad International Airport in Dammam for a space of 1,834 m2 .
The agreement will be signed later on with the General Authority of Civil Aviation and shall be effective from April 2017, according to the bourse statement.
SACC said it expects the agreement to positively influence its financial results, which will be reflected on its financial statements starting form the first quarter of 2018.
