BATIC Investment and Logistics Company announces the clarification of its subsidiary, Smart City Solutions Company, regarding the unexpected press release issued by the Eastern Region Municipality.
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| Announcement Detail | BATIC Investments and Logistics would like to announce a clarification from its subsidiary, Smart City Solutions Company, regarding the press release issued yesterday, Tuesday, February 25, 2025, by the Eastern Region Municipality. The press release stated that the municipality would take over the management and operation of parking facilities in Dammam and Khobar starting from February 25, 2025.
Since its subsidiary (Smart City Solutions Company) holds investment contracts for the development, construction, and operation of parking facilities and parking spaces, including: An investment contract in Dammam, valid until 2045 An investment contract in Khobar and Dhahran, valid until 2044 The subsidiary company will take all necessary legal and regulatory actions to safeguard its rights and interests through the Administrative Court and the relevant official authorities. BATIC will announce any updates in this regard later. |
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