Batic Investments and Logistics Co. signed, on Jan. 17, through its subsidiary, Smart City Solutions for Communications and Information Technology a 25-year investment contract for the smart parking project in Downtown Buraydah at a total value of SAR 422 million, including value-added tax (VAT).
The annual rent, including value-added tax (VAT), reached SAR 16.9 million, Batic said in a statement to Tadawul.
The contract covers a municipal property (rental, development, operation and maintenance of Downtown Buraydah, smart parking lots, multiple hydraulic and parking spaces by providing approximately 8 thousand parking spaces in the range of 26 roads and streets, 18 yards and land dedicated to parking within the central area of Buraydah city, and implementing and organizing and operate part of the BOT Sabakh Road.
The financial impact of the contract is expected to start upon completion and operation of the project.
There are no related parties to the deal.
Batic owns 72.80% of Smart City Solutions, which is specialized in providing advanced technical services and solutions to smart cities.
The company offers several applications for cities (such as smart parking management and its infrastructure from electronic applications) according to the seven technologies rated by the World Bank for Smart Cities, to keep pace with Saudi Vision 2030 and the global progress in this industry and its application in Saudi cities.
In addition, Smart City Solutions has a contract to develop, establish and operate smart parking for 25 years in Al Khobar, Dhahran and Dammam, respectively.
Comments
{{DisplayName}}
{{ElapsedTime}}