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Westminster Group sets up joint venture to capitalise as Saudi Arabia privatises transport infrastructure

“We have already held joint meetings with both port and airport authorities within the country"

Saudi
The Saudi Vision 2030 Privatisation Programme includes the country's ports and airports

Security and managed services specialist Westminster Group PLC (LON:WSG) has signed an agreement with Hazar International that will see the two companies work together on projects in Saudi Arabia.

Hazar has been working in aviation and other sectors in Saudi for over 30 years and will form a joint venture with Westminster to target screening and other security work at the Kingdom’s airports and ports as more of its infrastructure is devolved to the private sector.

Westminster will own 50.1% of the venture, which is to be called Westminster Arabia.

Peter Fowler, Westminster’s chief executive, said he was delighted to be working with such a strong and influential partner.

“The business opportunities for Westminster's products and services within Saudi Arabia are substantial and the formation of Westminster Arabia will represent an important strategic development for the group.”

Fowler added that there are currently 28 airports in Saudi Arabia handling 82mln passengers annually, while the Kingdom’s port infrastructure is unrivalled in the Gulf region with 11.000 ships and 8mln containers passing through every year.

Through its Saudi Vision 2030 Privatisation Programme,  the Kingdom has committed to unlock the value in its state assets through privatisation, build-operate contracts and outsourcing in a programme that includes its ports and airports.

“We have already held joint meetings with both port and airport authorities within the country and further meetings are being organised,” Fowler added. 

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