| Element List |
Explanation |
| Introduction |
BATC Investment and Logistics Company announces that its subsidiary, Smart Cities Solutions Company, has signed a framework agreement with Arabian Internet and Communications Services Company (Solutions) to provide qualified employees and mechanisms to manage, operate, and maintain smart public parking spaces in Riyadh City. |
| Date of Announcement of the Award |
2024-04-20 Corresponding to 1445-10-11 |
| Contract Subject Matter |
Providing qualified employees with the expertise to manage, operate, and maintain smart public parking spaces in Riyadh City. |
| The Entity with Which the Contract was Signed |
Arabian Internet and Communications Services Company (solutions |
| Date of Signing the Contract |
2024-04-20 Corresponding to 1445-10-11 |
| Contract Value |
Upon full capacity, the agreement value could surpass 10% of BATIC's 2023 audited annual revenue |
| Contract Details |
The agreement includes providing qualified employees and mechanisms to manage, operate, and maintain smart public parking spaces in Riyadh City. In the first phase, the project targets 164,000 public parking spaces covering 12 zones within the city. |
| Contract Duration |
10Years |
| Financial Impact and the Relevant Period |
The financial impact of this agreement, including potential revenue and expenses, will be reflected in the company's financial statements starting in the Fourth quarter of 2024 |
| Related Parties |
non |
| Additional Information |
Smart Cities Solutions Company holds an exclusive partnership with Arabian Internet and Communications Services Company (Solutions) for this project. This partnership is solidified by three agreements: a cooperation agreement for submitting offers signed on May 31, 2023, an exclusivity agreement on July 11, 2023, and a corporate solidarity agreement on August 15, 2023. |
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