Batic subsidiary, Qassim Amanah sign SAR 422 mln contract for Buraidah smart parking project

Agreement signing ceremony

Batic Investments and Logistics Co.'s subsidiary, Smart Cities Solutions Co., signed a SAR 422 million contract with Qassim Amanah for a smart parking project in the downtown area of Buraidah for a period of 25 years, according to Saudi Press Agency.

Prince Faisal bin Mishaal bin Saud, Governor of the Qassim Region, said that this investment project is aimed to enhance the quality of life and improve the urban landscape of Buraidah City, by providing a modern regulatory environment for the downtown area, by implementing multi-storey car parks, in addition to hydraulic parking, and organizing and renting car parks.

For his part, Mohammed Al-Majli, the region's Secretary, indicated that the project seeks to provide about 8,000 parking spaces in the scope of 26 roads and streets, and 18 yards and land designated for parking within the central area in the city.

Batic owns a 37.80% stake in Smart Cities Solutions, according to Argaam's data.

The company signed a purchase agreement last Thursday for the entire shares owned by Smart Solutions Co. Ltd., in the capital of Smart Cities Solutions for Communications and Information Technology, representing 4% of capital, for SAR 12 million.