Riyadh - Mubasher: Smart Cities Solutions Company, a subsidiary of Batic Investments and Logistics Company, has signed a SAR 422.12 million contract to rent, develop, and operate smart parking lots in downtown Buraydah in Al Qassim.
The contract’s annual rental value stands at SAR 16.88 million, according to a bourse disclosure on Tuesday.
Batic penned the 25-year contract on 17 January 2022.
The project is also related to multiple hydraulic parking spaces by providing around 8,000 parking spots.
Batic’s subsidiary will also execute and operate part of Al Sabakh Road project through the build-operate-transfer (BOT) mechanism.
Earlier this month, Batic signed a purchase agreement to acquire all shares owned by Smart Solutions Co. in Smart Cities Solutions SAR 12 million.
