National Express owner Mobico Group PLC (LSE:MCG) has won an eight-year capital-light contract in Saudia Arabia as part of a joint venture.
Its Spanish subsidiary, ALSA, will share in the total contract value of €500 million in revenue with a local Saudi partner.
The contract is to run 156 vehicles connecting Riyadh with the new city of Qiddiya, via park & ride facilities and shuttle services.
ALSA has had an existing presence in Saudi Arabia since 2023.
Mobico 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."