Batic’s unit, Saudi government ink $330mln deals

Two construction, development, and operation contracts signed

  
Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser

Riyadh –  Batic Investments and Logistics Co announced that National Parking Company (Mawgif) signed two construction, development, and operation contracts with the Saudi Ministry of Municipal and Rural Affairs.

Batic’s subsidiary Arabian Security & Safety Services Co. Ltd. (Amnco) owns a 40% stake in Mawgif, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The two deals have a total lease value of SAR 1.24 billion over a term of 25 years, the statement added.

With a total value of SAR 470.5 million, the first deal includes the construction, development, and operation of multi-floor parking lots and smart parking lots in Dammam.

In addition, the second deal is valued at SAR 772.6 million and involves establishing, developing, and operating multi-level parking lots as well as smart parking lots in Dhahran and Khobar.

Source: Mubasher

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