Arabian Internet and Communications Services Company (solutions) announces the latest developments regarding the signing of a Revenue-Sharing Agreement with Remat Riyadh Development Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Arabian Internet and Communications Services Company (solutions) on the Saudi Exchange dated 24-01-2024 related to the signing of a Revenue-Sharing Agreement with Remat Riyadh Development Company to build, manage, operate, and maintain smart public parking spaces in Riyadh City for a period of 10 years.
solutions announces that on 15-10-2025, an addendum agreement was signed with Remat Riyadh Development Company, which provides for extending the duration of the original agreement for an additional 5 years, bringing the total duration of the agreement to 15 years. |
| Previous Announcement | Arabian Internet and Communications Services Company (solutions) announces the signing of a Revenue-Sharing Agreement with Remat Riyadh Development Company |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-01-24 Corresponding to 1445-07-12 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The addendum agreement includes the extension of the contract term by an additional 5 years, bringing the total duration of the agreement to 15 years. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | This agreement comes as part of solutions' commitment to achieving the objectives of its strategy by providing integrated smart solutions, developing infrastructure, and enabling digital transformation in the Kingdom by fostering a partnership model between the public and private sectors. |
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