solutions inks revenue share deal with Remat to build smart parking in Riyadh

Arabian Internet and Communications Services Co. (solutions) signed a revenue-sharing agreement with Remat Al-Riyadh Development Co. to build, manage, operate, and maintain smart public parking spaces in Riyadh.

In a statement to Tadawul, the company said the 10-year contract’s value may exceed 5% of its revenues as per the latest audited annual financial statements for 2022. The revenue is not fixed and depends on the volume of transactions, for which solutions will receive a share in revenue.

The first phase of the project targets 164,000 public parking spaces covering 12 zones in Riyadh, in addition to providing smart public parking management systems using modern technologies.

The financial impact of the deal will be reflected starting from Q3 2024, the statement added.