Riyadh Municipality of Saudi Arabia revealed the launching of the Expression of Interest phase for the Car Park Construction and Management Project in Riyadh. The project will be situated in Al Olaya district, between Urubah Road to the North, Makkah Al Mukarramah Road to the South, Olaya Road to the East, and King Fahd Road to the West. The Riyadh Municipality said that the project will be developed in partnership with the private segment under a benefit-sharing build–operate–transfer (BOT) model.
The total number of parking spaces in the project will be approx 6,703 parking spaces; approx 4,174 on-street parking and 2,529 off-street parking spaces to build within multistory car park buildings on 13 plots of various sizes in the specified area. It is value noting that 25% of the multistory parking buildings have been allocated for commercial use. The initiative goals to address traffic congestion effects, reduce environmental pollution, preserve the public appearance, and activate smart city initiatives; thus increase the quality of municipal services, and contributing to the target of the Kingdom’s Vision 2030. The Car Park Construction and Management Project has pondered the first privatization project to be launched in the municipal segment under the privatization Program.
Interested investors should participate in their EOI by Monday, August 3, 2020.