Westminster Group agrees JV with Saudi Arabia's Hazar

(Sharecast News) - Westminster Group has entered into a joint venture agreement with Saudi Arabia's Hazar International.The JV, which will be registered as Westminster Arabia in Saudi, will see both parties work exclusively together in the pursuit of large-scale and long-term managed services security projects at the Kingdom's ports and airports.Westminster said the JV will not affect its business outside of Saudi Arabia.Hazar has been providing products and services in a broad range of industries, particularly within the aviation sector, for more than 30 years, both within Saudi Arabia and the Gulf Cooperation Council group of countries.Westminster's chief executive officer, Peter Fowler, said: "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."He said Saudi Arabia's maritime network is "unrivalled" in the Middle East, handling a capacity of approximately eight million twenty-foot equivalent containers per year and receiving 11,000 ships annually through 10 primary harbours."Saudi ports dominate the regional transit market, handling more than 90% of Red Sea trade transits and 30% of East African trade transits," he said.Fowler also noted that there are currently 28 airports in the Kingdom, six international, nine regional and 13 domestic."We have already held joint meetings with both port and airport authorities within the country and further meetings are being organised," Fowler said. "Whilst there is never certainty of timing or outcome of any such prospects, we are extremely encouraged by the opportunities this latest growth strategy offers." At 1020 BST, the shares were up 19% at 12.20p.