Investors plan giant taxi company is Saudi Arabia
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Investors plan giant taxi company is Saudi Arabia

Investors plan giant taxi company is Saudi Arabia

The Saudi National Committee for Land Transport has said a number of leading investors in the kingdom have plans to establish a giant company with a capital of SR1bn, Arab News has reported. Over 730 investors who own some 30,000 cabs are "seriously thinking of transforming their firms into a joint stock company within two years," said Saeed Al-Bassami, deputy chairman of the committee. The proposed entity will offer most of the features of the London taxi system, he said. "The process of merging the taxi firms into major companies will be optional in the beginning. At later stages, the merger will be completed in an organized manner to encompass all the taxis operating in the kingdom," he added.

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