BATIC Subsidiary Signs Framework Agreement with Solutions for Smart Parking in Riyadh

BATIC Investment and Logistics Company announced on Sunday that its subsidiary, Smart Cities Solutions Company, has inked a framework agreement with Arabian Internet and Communications Services Company (Solutions). This agreement entails providing qualified personnel and operational mechanisms to manage, operate, and maintain smart public parking spaces in Riyadh City.

The value of the agreement has the potential to exceed 10% of BATIC Investment and Logistics Company’s revenues, as per the audited annual financial statements for 2023, once the project reaches full operational capacity. The contract spans a duration of 10 years and encompasses the management, operation, and maintenance of smart public parking spaces in Riyadh City. The initial phase of the project targets 164,000 public parking spaces across 12 zones within the city.

BATIC Investment anticipates that the financial impact of this agreement, including potential revenue and expenses, will be reflected in the company’s financial statements beginning in the fourth quarter of 2024.

Smart Cities Solutions Company holds an exclusive partnership with Arabian Internet and Communications Services Company (Solutions) for this project, solidified by three agreements: a cooperation agreement for submitting offers signed on May 31, 2023, an exclusivity agreement on July 11, 2023, and a corporate solidarity agreement on August 15, 2023.