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SOLUTIONS

13 February, 2025 16:00

Arabian Internet and Communications Services Company (solutions) announces the signing of a Revenue-Sharing Contract with Sports Boulevard Foundation.

Element ListExplanation
Introduction Arabian Internet and Communications Services Company (solutions) announces the signing of a Revenue-Sharing Contract with Sports Boulevard Foundation to provide a full range of smart parking solutions and integrate these solutions into the Sports Boulevard project.
Date of Announcement of the Award 2025-02-13 Corresponding to 1446-08-14
Contract Subject Matter Providing a full range of smart parking solutions and integrating these solutions into the Sports Boulevard project in order to enhance accessibility, efficient use of parking spaces, and improve the overall user experience. The project aims to streamline the parking process for visitors by providing convenient and smart parking features, such as real-time availability tracking and mobile payments.
The Entity with Which the Contract was Signed Sports Boulevard Foundation, a governmental foundation established pursuant to Royal Decree No. (43255) dated 04/08/1440H.
Date of Signing the Contract 2025-02-13 Corresponding to 1446-08-14
Contract Value Contract value may exceed 5% of solutions’ revenue as per the latest audited annual financial statements for the year 2023. The revenue is not fixed and depends on the volume of transactions where solutions will receive a percentage of the revenue.
Contract Details Design, deploy, and operate smart parking solutions as per the shared revenue model.
Contract Duration 5 Years
Financial Impact and the Relevant Period The financial impact on the company's financial statements will appear starting from the first quarter of the year 2026.
Related Parties NA
Additional Information The Revenue-Sharing Contract with the Sports Boulevard Foundation demonstrates solutions’ commitment to achieving the objectives of its strategy, and extends its efforts in enhancing and enabling digital transformation in the Kingdom by fostering a partnership model between the public and private sectors. The Sports Boulevard is one of Riyadh’s mega projects launched by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz on 19-03-2019, and the Sports Boulevard Foundation is chaired by HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister. The project aims to place Riyadh as one of the most livable cities in the world and as a global destination, contributing to achieving the most prominent goals of Saudi Vision 2030, through promoting physical, psychological and social health and building a society whose members enjoy a decent life and a healthy lifestyle and an environment that provides a positive and attractive atmosphere for the residents and visitors of Riyadh.

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