solutions inks revenue share deal with Remat to build smart parking in Riyadh

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) signed a revenue-sharing agreement with Remat Al-Riyadh Development Co. to build, manage, operate, and maintain smart public parking spaces in Riyadh.

In a statement to Tadawul, the company said the 10-year contract’s value may exceed 5% of its revenues as per the latest audited annual financial statements for 2022. The revenue is not fixed and depends on the volume of transactions, for which solutions will receive a share in revenue.

The first phase of the project targets 164,000 public parking spaces covering 12 zones in Riyadh, in addition to providing smart public parking management systems using modern technologies.

The financial impact of the deal will be reflected starting from Q3 2024, the statement added.

The implementation of the smart public parking project will result in several benefits, the most important of which are reducing illegal parking on public roads, ensuring the flow of traffic, reducing congested areas, improving the urban appearance of Riyadh, reducing carbon emissions, and improving the quality of life.

This is in addition to managing smart public parking lots using modern technology, smart sensors, and mobile applications as well as developing the experience of Riyadh residents and visitors through the availability of smart public parking services, the statement also said.