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The first phase of the project targets 164,000 public parking spaces in 12 zones Arabian Internet and Communications Services Co. (solutions) has signed a revenue-sharing agreement with Remat Al-Riyadh Development Co. to build, manage, operate, and maintain smart public parking spaces in Riyadh. The 10-year contract is part of the first phase of the smart public parking project in the Saudi capital, covering 12 zones, the company said in a statement to the Saudi stock exchange on Wednesday. The first phase of the project targets 164,000 public parking spaces in 12 zones, in addition to providing smart public parking management systems using modern technologies. The contract’s value is likely to exceed 5% of its revenues as per the latest audited annual financial statements for 2022. The smart public parking project will result in several benefits, including reducing unauthorised parking on public roads, enhancing traffic flow, alleviating congested areas, improving the appearance of Riyadhs urban landscape, lowering carbon emissions, and elevating the quality of life. |
