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Saudi investment firm Batic Investments and Logistics Company (BATIC) announced on Sunday that has signed a memorandum of understanding Al Marshad Group Holding Company and Smart City Solutions Company to jointly bid for a car parking concession in Riyadh.
The firm said in a stock exchange statement that the parties to the MoU would form an alliance to qualify for a tender to develop and manage car parks in the Olaya neighborhood in Riyadh.
In July, Municipality of Riyadh had launched an Expression of Interest tender for a car park construction and management project in partnership with the private sector in Al Olaya district. The build - operate - transfer (BOT) project, according to a statement posted on website of National Centre for Privatisation and PPP, involves the development of approximately 6,703 parking spaces out of which 2,529 off-street parking spaces would be constructed within multi-storey car park buildings on 13 plots. The statement also noted that 25 percent of space in the multi-storey parking buildings has been allocated for commercial use.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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