solutions extends smart public parking deal with Remat by 5 yrs

This agreement comes as part of solutions' commitment to achieving the objectives of its strategy

Arabian Internet and Communications Services Co. (solutions) signed, on Oct. 15, an addendum agreement with Remat Riyadh Development Co. for extending the duration of the original deal to build, manage, operate, and maintain smart public parking spaces in Riyadh for an additional five years.

The total duration of the agreement will be 15 years, the company said in a statement to Tadawul.

This agreement is part of solutions' commitment to achieving the objectives of its strategy by providing integrated smart solutions, developing infrastructure, and enabling digital transformation in the Kingdom by fostering a partnership model between the public and private sectors.

According to data available with Argaam, solutions signed, in January 2024, a revenue-sharing agreement with Remat Al-Riyadh Development to build, manage, operate, and maintain smart public parking spaces in Riyadh for 10 years.