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 September 2019, BATIC, through its Smart Cities Solutions Company, had signed two contracts worth 1.2 billion Saudi riyals ($320 million) to develop and operate smart car parks in Dammam, Dhahran and Al Khobar for a period of 25 years.

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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