| Element List | Explanation |
|---|---|
| Introduction | Arabian Internet and Communications Services Company (solutions) announces the signing of a Revenue-Sharing Agreement with Remat Riyadh Development Company to build, manage, operate, and maintain smart public parking spaces in Riyadh City. |
| Date of Announcement of the Award | 2024-01-23 Corresponding to 1445-07-11 |
| Contract Subject Matter | Build, manage, operate, and maintain parking spaces, leveraging the latest advanced technologies and digital platforms. This agreement is part of the first phase of the smart public parking project in Riyadh city, covering 12 zones. |
| The Entity with Which the Contract was Signed | Remat Riyadh Development Company |
| Date of Signing the Contract | 2024-01-23 Corresponding to 1445-07-11 |
| Contract Value | Agreement value may exceed 5% of solutions’ revenues as per the latest audited annual financial statements for the year 2022. The revenues is not fixed and depend on the volume of transactions where solutions will receive a percentage of the revenues. |
| Contract Details | •Establishing, developing, and managing smart public parking services for vehicles in Riyadh. •The first phase of the project targets 164 thousands public parking spaces covering 12 zones in Riyadh city. •Providing smart public parking management systems using modern technologies. |
| Contract Duration | 10 years |
| Financial Impact and the Relevant Period | The financial impact on the company's financial statements will appear starting from the 3rd quarter of the year 2024. |
| Related Parties | NA |
| Additional Information | 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 and reducing congested areas. •Improving the urban appearance of Riyadh city, reducing carbon emissions and improving the quality of life. •Managing smart public parking lots using modern technology, smart sensors, and mobile applications. •Developing the experience of Riyadh city residents and visitors through the availability of smart public parking services. |
