https://arab.news/c7r6v
RIYADH: Saudi Arabia’s Smart Cities Solutions Co., or SCSC, has sealed a SR422 million ($113 million) deal for a smart parking project in the city of Buraydah.
The contract duration stands at 25 years, a bourse statement by the mother company Batic Investments and Logistics Co. revealed.
As per the deal, Buraydah is to see SCSC develop, operate, and maintain a smart parking system.
SCSC will build multiple hydraulic parking lots which will provide nearly 8,000 parking spaces.
The project’s financial impact is expected to roll out on the company’s financial statements upon its completion, Batic said in the statement.
Batic owns 72.8 percent of the capital of SCSC, which specializes in implementing technical services and smart city solutions in pursuit of Saudi Vision 2030.
SCSC has already signed 25-year contracts to develop smart parking solutions in three other Saudi Arabian cities, Al Khobar, Dhahran, and Dammam.