Riyadh: The Riyadh Municipality announced today the launch of the Expression of Interest (EOI) phase of the Car Park Construction and Management Project in Riyadh. The project will be located in Al Olaya district, between Urubah Road to the North, Makkah Al Mukarramah Road to the South, Olaya Road to the East and King Fahd Road to the West.
The Riyadh Municipality stated that the project will be developed in partnership with the private sector under a profit sharing BOT model (build - operate - transfer). The total number of parking spaces in the project will be approximately 6,703 parking spaces; approximately 4,174 on street parking and 2,529 off-street parking spaces to constructed within multistory car park buildings on 13 plots of different sizes in the specified area. It is worth noting that 25% of the multistory parking buildings has been allocated for commercial use.
The initiative aims to address traffic congestion effects, reduce levels of environmental pollution, maintain public appearance and activate smart cities initiatives; thus raising the quality of municipal services, and contributing to the goals of the Kingdom’s Vision 2030.
This project comes after the approval of the Municipalities Sector Privatization Supervisory Committee to start with the bidding procedures after the Ministry of Municipal and Rural Affairs (MOMRA) had completed all the necessary studies in coordination with the National Center for Privatization & PPP (NCP).
The Car Park Construction and Management Project is considered the first privatization project to be launched in the municipal sector under the Privatization Program. The project aims to raise efficiency and quality of municipal services provided to beneficiaries with an emphasis on strengthening the regulatory and supervisory role of municipalities, stimulating projects with high capital investment by designing models that motivate the private sector to participate, and achieving a balance between revenues and risks while taking into account the creation of the institutional frameworks that preserves the rights of urban residents and ensures a successful and balanced partnership relationship between municipalities and the private sector.
The Municipality called for interested investors to view the EOI document that contains general information about the project by visiting the Municipality of Riyadh website, the municipal investment portal "Opportunities", or the NCP website. Interested investors should submit their EOI by Monday August 3, 2020.
For more information please contact:
media@ncp.gov.sa
© Press Release 2020
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