Saudi Arabia: Saudi investment firm Batic has signed an initial agreement to acquire 34.4 percent of of Smart Cities Solutions Company, it said in a bourse filing on Wednesday.

Batic Investment and Logistics Company signed a memorandum of understanding with Smart Parking Holding Company for the acquisition. The purchase price was not disclosed.

The move is part of Batic’s strategy to align its investment strategy with the goals of Saudi Arabia – in this case, the Kingdom’s push to create smart cities and modernize its economy, the company said.

The smart cities firm was established to create solutions for Saudi cities to be recognized based on the World Bank’s classification.

It was earlier granted with a 25-year concession agreement to build and operate smart parking solutions in Khobar, Dhahran, and Dammam.