Saudi Council of Ministers have approved an initiative for privatizing Parking lots in the kingdom of Saudi Arabia.
There have been many parking spaces in Riyadh, Makkah, Madinah which will be utilized for such initiative. The Council of Economic & Development Affairs (CEDA) has decided to offer a public-private partnership projects for parking space in Makkah, Madinah, Riyadh region and the Eastern Province on an experimental basis on unused land owned by the mayoralties.
Parking Lots Privatization Saudi Arabia
This will also provide an opportunity to invest in parking lots as this initivative f joint land investment agreements in partnership with the private sector in accordance with the revenue sharing model.
Council of Miniters has approved this inititvative for establishing and managing parling in the above mentioned locations on an experimental basis in the first phase.