LONDON (ShareCast) - (Sharecast News) - Mobico surged on Thursday as it announced that its ALSA subsidiary, as part of a joint venture, has won an eight-year capital-light contract in the Kingdom of Saudia Arabia, with a total contract value of €500m revenue.
The contract will be run with a local company and includes the operation of 156 vehicles, 126 of which will be electric, serving Qiddiya, a new city on the outskirts of Riyadh.

Mobico - formerly National Express - said Qiddiya is one of Saudia Arabia's key strategic projects and is expected to become the largest entertainment destination in the country.

The contract involves the operation of Park & Ride facilities and shuttle services connecting Riyadh and Qiddiya.

Executive chair Phil White said: "This new contract, which meets our disciplined return hurdles, strengthens Mobico's presence in the Middle East and showcases ALSA's ability to win competitive contracts in large-scale overseas projects, positioning ourselves as a leading operator of innovative, sustainable transport services."

At 0815 BST, the shares were up 8.2% at 30.02p.

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