Batic Investments and Logistics Co. signed, on Oct. 29, a memorandum of understanding (MoU) with Al-Marshad Holding and Smart Cities Solutions Co. to form an alliance and bid for a project to establish and manage car parking lots in Olaya district, Riyadh.

 

The MoU is valid for three months from the preliminary agreement signing date, Batic said in a bourse statement on Sunday.

 

Ahmed Al-Sanie, Batic’s board chairman and a shareholder of Smart Cities Solutions Co., is a related party to the deal.

 

Among the related parties to the deal is Majed Abdullah Al Issa, the CEO of Batic, Mohammed Al-Zamil, Managing Director of Batic, and Feras Al-Bawardi, a board member of Batic.

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