Riyadh Municipality has announced the eight qualified consortia for the Car Park Construction and Management Project in Riyadh: Al Blagha, Al Fanar, Al Rashid, Dar Al Arkan, Masic, Mawagif, Seder, and Shuaa.
The project will be located 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. Riyadh Municipality earlier stated that the project will be developed in partnership with the private sector under a profit-sharing BOT model (build – operate – transfer).
It will have a total of 6,703 parking spaces, with 4,174 on-street parking and 2,529 off-street parking spaces built within multistory car park buildings on 13 plots of various sizes in the defined region. It’s worth mentioning that commercial use has been assigned to 25% of the multistory parking structures.
The project will have a total of 6,703 parking spaces
The initiative intends to alleviate traffic congestion, reduce pollution levels, maintain public appearance, and activate smart city initiatives, all while improving municipal services and contributing to the Kingdom’s Vision 2030 goals.
The Car Park Construction and Management Project is considered the first privatization project to be launched in the municipal sector under the Privatization Program.