BATIC Investment and Logistics Co.’s (BATIC) subsidiary, Arabian Security & Safety Services Co. (AMNCO), secured a Sharia-compliant credit facility worth SAR 79 million from Emirates NBD Bank, according to a bourse filing on Sunday.
The 7-year loan will be used to finance smart parking project in the eastern region, affiliated with Smart Cities Company.
The facility was secured against a promissory note of the total loan value. Other guarantees were also provided by AMNCO, BATIC, and Smart Cities Co.
BATIC noted that the new project, the largest across the kingdom, will provide around 20,000 smart parking spaces serving drivers in the eastern region, adding it falls in line with the Saudi Vision 2030 and the National Transformation Program 2020.
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