Global Banking Corporation (GBCorp) has signed a memorandum of understanding with MAG Robotic Systems [MRS] to provide total automated parking solutions, aimed at addressing the acute parking crisis in the region.

MRS is an extended licensee of Robotic Parking Systems Inc’s technology, the world leaders in automated parking systems.

The rapid growth in the real estate market through the development of new townships, creation of integrated business hub and large increase in traffic flow from neighbouring states has resulted in critical shortage in parking space.

Highlighting the tremendous market potential of the new company, Ahmed Al Khan, Head of Investment.

Banking at GB Corp, said: ’GB Corp is addressing a critical niche market requirement for vertical parking solutions within the GCC countries.

’Market research statistics on parking spaces available in the Kingdom of Bahrain, as well as other countries in the region, have shown a huge shortfall in current supply as well as in the coming years, therefore, the concept of automated parking systems is very much relevant to the regional market.’

Dr Hani Abu Auida, general manager at MRS, said: ’MRS will provide GB Corp with the technical know-how and expertise that will enable GB Corp to set up a number of automated car parks in the Kingdom of Bahrain and to expand within the MENA region.’

Emphasising on the need for automated parking systems in the region, he added that automated parking systems integrates the latest in laser and computer technology with conventional elevator components while eliminating most of the hassles of conventional parking.

Automated parking systems also provide easy entry and exit, with safety and security advantages for users, maximising space utility and significantly increasing the parking space capacity in comparison to conventional parking.’

’The Kingdom of Bahrain’s real estate market is positioned to witness solid growth into the foreseeable future, thanks to the high population density and an annual average population growth rate of 2.5 per cent.

Recent policy changes, allowing full foreign ownership of property in designated areas, are also expected to have a positive impact on the industry and to push property values even higher.

Planning guidelines in the Kingdom of Bahrain stipulate that a minimum of one parking space needs to be provided 40 per sq m of lettable office space.

Given the rising cost of real estate and the acute shortage in parking spaces, the concept of automated parking systems, addressing the need for space and cost efficient parking, is the perfect solution to the current and future parking requirements in the Kingdom of Bahrain and the region,’ added Ahmed Al Khan.

The e-parking solutions company will be actively supported by GB Corp’s real estate subsidiary – Global Real Estate Development Co [Gredco]. 

Speaking on the strategic alliance with MRS, Jari Ihalainen said: ’The signing of the Memorandum of Understanding with MRS is the first step in defining the way forward for the new company to promote the concept of automated parking systems as the premium solution to the region’s parking problems and addressing the acute shortfall in demand, over a period of the next five years.’

’Gredco, as a specialised organisation with the skill set and market capital, will cater to the growing demands of the real estate development market, working closely with MRS in identifying key areas for growth and leveraging on global investment opportunities in key sectors,’ added Ihalainen.

Global Banking Corporation provides a diversified portfolio of investment offerings that align with investors’ personal values and ethics.

As a fast-growing Islamic investment bank, GB corp’s aim is to provide its clients with global Shari’a compliant investment opportunities, while offering a profes