Saudi city of Buraydah sees a smart parking system

RIYADH: Saudi Arabia’s Smart Cities Solutions Co., or SCSC, has sealed an SR422 million ($113 million) deal for a smart parking project in the city of Buraydah.

The contract duration stands at 25 years, a bourse statement by the mother company Batic Investments and Logistics Co. revealed.

As per the deal, Buraydah is to see SCSC develop, operate, and maintain a smart parking system.

SCSC will build multiple hydraulic parking lots which will provide nearly 8,000 parking spaces.

The project’s financial impact is expected to roll out on the company’s financial statements upon its completion, Basic said in the statement.

Basic owns 72.8 percent of the capital of SCSC, which specializes in implementing technical services and smart city solutions in pursuit of Saudi Vision 2030.

SCSC has already signed 25-year contracts to develop smart parking solutions in three other Saudi Arabian cities, Al Khobar, Dhahran, and Dammam.

Also Read: New World Record: Parking space sells for $1 million

June 2021: A world record was built when parking space in Hong Kong sold for $1.3 million last week.

The parking space was located at the Mount Nicholson residential project, a luxury residence.

The buyer not identified(anonymous).

The per square foot price of parking space calculated at about $9,500 per square foot.

The previous world record for a single parking space was $969,000 at the 79-story Hong Kong office tower The Center. That sale occurred in October 2019.