Batic Investments and Logistics Co.’s subsidiary, Smart Cities Solutions Co., signed, on April 20, a framework agreement with Arabian Internet and Communications Services Co. (solutions) to provide qualified employees as well as the related mechanisms to manage, operate, and maintain smart public parking spaces in Riyadh City, according to a statement to Tadawul.

 

Upon launching operations at the full capacity, the 10-year agreement’s value could surpass 10% of Batic's revenue as per the audited financial statements for 2023.

 

The project’s phase I will target 164,000 public parking spaces in 12 regions across Riyadh.

 

The relevant financial impact will appear in financial statements as of Q4 2024, and the deal included no related parties.

 

Smart Cities Solutions Co. has an exclusive partnership deal with solutions as regards this project. This partnership is 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.

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