Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) signed yesterday, May 16, a consortium agreement with the Saudi Company for Artificial Intelligence (SCAI) to bid for a project to establish, operate and maintain outdoor billboards in Riyadh, offered by Remat Al-Riyadh Development Co.
The deal will not be binding except after Al Arabia is awarded the project.
Al Arabia said in a statement to Tadawul that it will provide its financial and technical expertise, business relations and leadership in the digital transformation strategy to change advertising concepts and build smart dynamic and digital cities as it possesses all the competitive elements internationally in the external advertising sector to manage this project.
On the other hand, SCAI will be providing artificial intelligence (AI) technologies, technical solutions, huge database, business analysis and development, in addition to generating quality revenues that will maximize the project's other resources.
The deal seeks to adopt the smart city latest technologies and improve the urban environment aligning with the Quality-of-Life program. The deal will be implemented within the Smart City initiatives in Riyadh and will complement the government efforts in using the advanced technologies to restructure the ranking of Saudi cities in various sub-indicators, including the National Smart Cities Platform launched by Saudi Data and Artificial Intelligence Authority (SDAIA).
The deal includes the terms related to setting up a special purpose company, owned by both parties, with a clear ownership structure, in addition to other terms that determine each party’s share of operating income.
SCAI is owned by the Public Investment Fund (PIF) and specialized in the field of artificial intelligence and modern technologies. It aims to create an added-value impact worldwide and employ the best partnerships and investments to build an AI-based future.
The deal underpins a new start in the field of outdoor advertising and the usage of modern technologies such as, AI, the Internet of Things, cloud computing, in addition to improving services introduced to citizens and visitors.
This would further create a modern digital environment that accommodates dense population, help improve quality of life in addition to making these cities environment friendly.
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