Riyadh – Mubasher: The subsidiary of Batic Investments and Logistics Company (Batic), Arabian Security & Safety Services Company (Amnco), has been granted a seven-year sharia-compliant credit facility worth SAR 79 million ($21 million) from Emirates NBD.

Through the loan, the company will implement National Parking Company’s (Mawgif) smart parking project in the Eastern Province (Sharqiah) by Smart Cities Solutions Company, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

The company added that the financing was guaranteed through a bond of its total amount and letters of guarantee from Amnco, Batic, and Smart Cities Solutions, in which Amnco owns 40.6% direct and indirect stakes.

Batic added that the 20,000-space parking project is considered Smart Cities Solution’s first of its kind business and the largest in Saudi Arabia in terms of services and solutions for public parking.