solutions signs revenue-sharing contract with Sports Boulevard Foundation

Logo of Arabian Internet and Communications Services Co. (solutions) 

Arabian Internet and Communications Services Co. (solutions) signed a revenue-sharing contract with Sports Boulevard Foundation to provide a comprehensive suite of smart parking solutions and integrate them into the Sports Boulevard project.

Under the five-year contract, solutions will render and integrate a comprehensive range of smart parking solutions into the Sports Boulevard project in order to enhance accessibility, efficient use of parking spaces, and improve the overall user experience, according to a Tadawul filing today, Feb. 13.

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The project aims to streamline the parking process for visitors by providing convenient and smart parking features, including real-time tracking and mobile payments.

The contract value may exceed 5% of solutions’ topline as per the latest audited annual financial statements for 2023. These revenues are not fixed, depending on the volume of transactions in which solutions would garner a revenue share.

The related financial impact on the company's earnings would appear starting from Q1 2026. There are no related parties to the deal.

This contract demonstrates solutions’ commitment to achieving its strategic objectives, being part of its efforts to enhance and enable digital transformation in the Kingdom by fostering public-private partnerships, it pointed out.

Sports Boulevard is one of Riyadh’s mega projects, launched by King Salman bin Abdulaziz on March 19, 2019. The Sports Boulevard Foundation is chaired by Crown Prince Mohammed bin Salman.

The project aims to place Riyadh as one of the most livable cities in the world and as a global hub, contributing to achieving the most prominent goals of Saudi Vision 2030.

It is designed to promote physical, mental and social well-being, building a community that offers decent living standards, a healthy lifestyle, and a favorable environment for Riyadh’s residents and visitors alike.