StockMarketWire.com - Security services company Westminster Group said it had agreed to form a joint venture agreement in Saudi Arabia with Hazar International.

Westminster and Hazar had entered into a formal shareholders agreement with a view to forming a 50.1%-owned subsidiary, registered in Saudi Arabia, under the name Westminster Arabia.

They had agreed to work exclusively together in the pursuit, amongst other things, of large-scale and long-term managed services security projects at the country's ports and airports.

'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,' chief executive Peter Fowler said.

'Under the Saudi Vision 2030 privatisation programme, introduced by his Highness the Crown Prince Mohammad bin Salman, the government's objective is to strengthen the role of the private sector by unlocking state-owned assets by entering into public private partnerships and build-operate-transfer concession arrangements and outsourcing of services.'

'This includes the country's ports and airports.'

'These objectives are a good fit for Westminster's business model.'



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