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Abu Dhabi-listed Easy Lease has acquired 70% stake in QUBE Car Park Management, an operator of AI-powered parking and impounded vehicle yards in the UAE.
The transaction has been “processed” after securing all regulatory approvals, the motorbike fleet operator said in a disclosure on the Abu Dhabi Securities Exchange (ADX), where its shares trade.
The company, which is a subsidiary of Abu Dhabi-based International Holding Company (IHC), did not disclose the value of the transaction.
QUBE Car Park uses the latest technologies in artificial intelligence (AI) and Internet of Things (IoT) in managing parking areas and impounded vehicle yards in the UAE.
“Currently, QUBE Car Park Management [is] managing nine vital parking yards using the latest global smart systems… Also they are working to expand their services,” the disclosure said.
(Reporting by Cleofe Maceda; editing by Anoop Menon)
