Saudi-based BATC Investment and Logistics Company has announced that its key subsidiary, Smart Cities Solutions Company, has signed a framework agreement with Arabian Internet and Communications Services Company, for the operation and maintenance of smart public parking spaces in Riyadh City.

 

As per the 10-year contract, the Saudi company will be providing qualified employees and mechanisms for the management of the parking lots.

 

In the first phase, the project targets 164,000 public parking spaces covering 12 zones within the city, said the BATC Investment and Logistics Company in its filing to Saudi bourse Tadawul.

 

The scope of work includes provision of qualified employees with the expertise to manage, operate, and maintain smart public parking spaces in the Saudi capital, it stated.

 

Upon full capacity, the agreement value could surpass 10% of BATIC's 2023 audited annual revenue, it added.

 

On the financial impact of the agreement, including potential revenue and expenses, Batic said it will be reflected in the company's financial statements starting in Q4 2024.-TradeArabia News Service